HDFC Banking ETF...copy of the current SAI, please contact your nearest Investor Service Centre or...

Asset Management Company (AMC) :HDFC Asset Management Company A Joint Venture with Standard Life Investments Registered Office : HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. CIN No: L65991MH1999PLC123027

Trustee Company :HDFC Trustee Company Limited Registered Office : HDFC House, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. CIN No. U65991MH1999PLC123026

Name of Mutual Fund: HDFC Mutual FundName of Asset Management Company: HDFC Asset Management Company Limited

Name of Trustee Company: HDFC Trustee Company Limited

HDFC Banking ETFAn Open ended Scheme replicAting/trAcking niFtY BAnk index

Addresses, Website of the entities:Address:

Website:

www.hdfcfund.com

SCHEME INFORMATION DOCUMENT

The particulars of the Scheme have been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations 1996, (herein after referred to as SEBI (MF) Regulations) as amended till date, and filed with SEBI, along with a Due Diligence Certificate from the AMC. The units being offered for public subscription have not been approved or recommended by SEBI nor has SEBI certified the accuracy or adequacy of the Scheme Information Document.

The Scheme Information Document sets forth concisely the information about the Scheme that a prospective investor ought to know before investing. Before investing, investors should also ascertain about any further changes to this Scheme Information Document after the date of this Document from the Mutual Fund / Investor Service Centres (ISCs) / Website / Distributors or Brokers.

The investors are advised to refer to the Statement of Additional Information (SAI) for details of HDFC Mutual Fund, Tax and Legal issues and general information on www.hdfcfund.com

SAI is incorporated by reference (is legally a part of the Scheme Information Document). For a free copy of the current SAI, please contact your nearest Investor Service Centre or log on to our website - www.hdfcfund.com

Please refer to NSE and BSE Disclaimer clauses overleaf.

The Scheme Information Document should be read in conjunction with the SAI and not in isolation.

This Scheme Information Document is dated July 29, 2020.

Offer for Sale of Units of Face Value of 1/100th Value of Underlying Index as on date of Allotment of Units (On allotment, the value of each unit of the Scheme would be approximately equal to 1/100th of the value of NIFTY Bank Index per unit) during the new fund offer period and Continuous offer for Units at NAV based prices.

Scheme re-opens on: The units of the Scheme will be listed on the National Stock Exchange of India Ltd. (NSE) and/or BSE Limited (BSE) within 5 working days of allotment of units under the NFO. All investors including Authorised Participants and Large Investors can subscribe (buy) / redeem (sell) units on a continuous basis on the NSE/BSE on which the Units are listed during the trading hours on all the trading days. In addition, Authorised Participants and Large Investors can directly subscribe to / redeem units of the Scheme on all Business Days with the Fund in ‘Creation Unit Size’ at NAV based prices on an ongoing basis.

NAME OF SCHEME THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING*

RISKOMETER

HDFC Banking ETF l returns that are commensurate with the performance of the NIFTY Bank Index (Total Returns Index), subject to tracking error, over long term

l investment in equity securities covered by the NIFTY Bank Index

New Fund Offer (NFO) Opens On: August 10, 2020

New Fund Offer (NFO) Closes On: August 14, 2020

*Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.

Moderate

Low

Hig

h

Modera

tely

Low

ModeratelyHigh

Investors understand that their principal will be at high risk

LOW HIGH

2SID - HDFC BANKING ETF

DISCLAIMER OF NSE:

As required, a copy of this Scheme Information Document has been submitted to National Stock Exchange of India Limited (hereinafter referred to as NSE). NSE has given vide its letter NSE/LIST/5174 dated November 8, 2019 permission to the Mutual Fund to use the Exchange’s name in this Scheme Information Document as one of the stock exchanges on which the Mutual Fund’s Units are proposed to be listed subject to, the Mutual Fund fulfilling the various criteria for listing. The Exchange has scrutinized this Scheme Information Document for its limited internal purpose of deciding on the matter of granting the aforesaid permission to the Mutual Fund. It is to be distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE; nor does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of this Scheme Information Document; nor does it warrant that the Mutual Fund’s Units will be listed or will continue to be listed on the Exchange; nor does it take any responsibility for the financial or other soundness of the Mutual Fund, its Sponsors, its management or any Scheme of the Mutual Fund.

Every person who desires to apply for or otherwise acquire any Units of the Mutual Fund may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription /acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.

DISCLAIMER OF BSE:

“BSE Ltd. (“the Exchange”) has given vide its letter dated November 7, 2019 permission to HDFC Mutual Fund to use the Exchange’s name in this SID as one of the Stock Exchanges on which this Mutual Fund’s Units are proposed to be listed. The Exchange has scrutinized this SID for its limited internal purpose of deciding on the matter of granting the aforesaid permission to HDFC Mutual Fund. The Exchange does not in any manner:-

i) warrant, certify or endorse the correctness or completeness of any of the contents of this SID; or

ii) warrant that this Scheme’s units will be listed or will continue to be listed on the Exchange; or

iii) take any responsibility for the financial or other soundness of this Mutual Fund, its promoters, its management or any Scheme or project of this Mutual Fund;

and it should not for any reason be deemed or construed that this SID has been cleared or approved by the Exchange.

Every person who desires to apply for or otherwise acquires any unit of HDFC Banking ETF of this Mutual Fund may do so pursuant to independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever by reason of any loss which may be suffered by such person consequent to or in connection with such subscription/ acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.

3 SID - HDFC BANKING ETF

Highlights / Summary of the Scheme .................... 4

I. INTRODUCTION

A. Risk Factors ..................................................... 7

B. Requirement of Minimum Investors in the Scheme ................................................. 10

C. Special Considerations .................................... 10

D. Definitions ...................................................... 12

E. Abbreviations .................................................. 16

F. Due Diligence by the Asset Management Company .......................... 16

G. Rationale and Product Differentiation ............... 17

II. INFORMATION ABOUT THE Scheme

A. Type of the Scheme ........................................ 20

B. What is the Investment Objective of the Scheme? .............................................. 20

C. How will the Scheme allocate its assets? .......... 20

D. Where will the Scheme invest? ........................ 24

E. What are the Investment Strategies? ................ 26

F. Creation of Segregated Portfolio ...................... 29

G. Fundamental Attributes ................................... 31

H. How will the Scheme Benchmark its Performance? ............................................ 31

I. About the Underlying Index .............................. 31

J. Who manages the Scheme? ........................... 33

K. What are the Investment Restrictions? .............. 33

L. How has the Scheme Performed? .................... 34

M. Additional Disclosures .................................... 34

III. UNITS AND OFFER

A. NEW FUND OFFER (NFO) ........................... 35

l New Fund Offer Period .................................... 35

l New Fund Offer Price ...................................... 35

l Minimum Amount for Application in the NFO .. 35

l Minimum Target Amount ................................. 35

l Maximum Amount to be raised (if any) ............. 35

l Plans / Options offered ................................... 35

l Dividend Policy ............................................... 36

l Allotment ....................................................... 36

l Refund ........................................................... 38

l Who Can Invest .............................................. 38

l Where can you submit the filled up applications 40

l How to Apply .................................................. 40

l Listing ............................................................. 40

l Special Products/ facilities available during the NFO ............................................................... 40

l Policy regarding re-issue of repurchased units ... 44

l Restrictions on the right to freely retain or dispose of units being offered ...................................... 45

B. ONGOING OFFER DETAILS

l Ongoing Offer Period...................................... 46

l Ongoing Price for subscription ......................... 46

l Ongoing Price for redemption.......................... 47

l Cut off timing .................................................. 48

lWhere can the applications for purchase / redemption / switches be submitted? ............... 49

lMinimum amount for purchase / redemption / switches...................................... 49

lMinimum balance to be maintained ................ 50

lSpecial Products available .............................. 50

lAccount Statements ......................................... 50

lDividend ......................................................... 50

lRedemption ................................................... 50

lDelay in payment of redemption / repurchase proceeds ....................................... 51

C. PERIODIC DISCLOSURES

lNet Asset Value ............................................... 52

lDaily Performance Disclosure ........................... 52

lPortfolio Disclosure .......................................... 52

lMonthly Average Asset under Management (Monthly AAUM) Disclosure ......... 52

lHalf Yearly Results .......................................... 52

lAnnual Report ................................................ 52

lDisclosures with respect to Segregated Portfolio, if any .............................................................. 53

lAssociate Transactions .................................... 53

lTaxation ........................................................ 53

l Investor services .............................................. 54

D. COMPUTATION OF NAV ............................ 54

IV. FEES AND EXPENSES

A. New Fund Offer Expenses ............................... 55

B. Annual Scheme Recurring Expenses ................. 55

C. Transaction Charges ....................................... 57

D. Load Structure ................................................. 57

E. Waiver of Load for Direct Applications .............. 57

F. Stamp Duty on Allotment of Units ..................... 57

V. RIGHTS OF UNIT HOLDERS .............................. 57

VI. PENALTIES & PENDING LITIGATIONS .............. 58

OFFICIAL POINTS OF ACCEPTANCE ............... 60

TABLE OF CONTENTS

Page No. Page No.


HIGHLIGHTS / SUMMARY OF THE Scheme

Name of the Scheme HDFC Banking ETF (HBANKETF) or “the ETF”

Category of Scheme Exchange Traded Fund

Type of Scheme An Open Ended Scheme replicating/tracking NIFTY Bank Index

Investment Objective To provide investment returns that, before expenses, closely correspond to the total returns of the Securities as represented by the NIFTY Bank Index subject to tracking errors. There is no assurance that the investment objective of the Scheme will be realized.

Liquidity The Units of the ETF will be listed on the Capital Market Segment of the National Stock Exchange of India Ltd. (NSE) and/ or BSE Limited (BSE) within 5 working days of allotment of units under the NFO. All investors including Authorized Participants and Large Investors can subscribe (buy) / redeem (sell) Units on a continuous basis on the NSE and/ or BSE on which the Units are listed during the trading hours on all the trading days. The price of the ETF Units in the secondary market on the Stock Exchange(s) will depend on demand and supply at that point of time. There is no minimum trade amount, although Units are normally traded in round lots of 1 Unit.In addition, Authorized Participants and Large Investors can directly subscribe to/ redeem the ETF Units on all Business Days with the Fund in ‘Creation Unit Size’ on an ongoing basis.The AMC will appoint Authorized Participant(s) to also provide for the liquidity in secondary market on an ongoing basis. The Authorized Participant(s) would offer two-way quotes (buy and sell quotes) in the secondary market for ensuring liquidity in the ETF Units. Presently, following Authorized participants have been appointed by the AMC: 1) Parwati Capital Markets Private Limited2) Dolat Capital Market Private Limited3) Edelweiss Securities LimitedFurther, the AMC reserves the right to modify Authorized Participants on an ongoing basis. The list of Authorized Participants will be available on the website of the Fund www.hdfcfund.com.Redemption of units directly with the Mutual Fund (other than Authorised Participants):Investors other than Authorised Participants can redeem units directly with the Fund for less than Creation Unit size at Applicable NAV based prices of units without any exit load if:1. The closing traded price of the units of the Scheme is at a discount of more than 3% to the day end

NAV for 30 consecutive trading days; or2. Discount of bid price to day end NAV over a period of 7 consecutive trading days is greater than 3%,

or3. There are no quotes or trades available on the Stock Exchange(s) for 3 consecutive trading days, or4. Total bid size on the exchange is less than half of Creation Units size daily, averaged over a period

of 7 consecutive trading days.Such instances shall be tracked by the AMC on an ongoing basis and in case any of the above mentioned scenario arises, the same shall be disclosed on the website of the Mutual Fund.Please refer to para ‘Settlement of Purchase / Sale of Units of the Scheme on NSE and BSE’ and ‘Rolling Settlement’ under section ‘Cut off timing for subscriptions / redemption / switches’ on 8 for further details.DematerializationThe Units of the Scheme are available only in dematerialized (electronic) form. Investors intending to invest in Units of the ETF will be required to have a beneficiary account with a Depository Participant (DP) of NSDL/CDSL and will be required to mention in the application form DP’s Name, DP ID No. and Beneficiary Account No. with the DP at the time of purchasing Units directly from the fund in Creation Unit Size.The Units of the Scheme will be issued, traded and settled compulsorily in dematerialized (electronic) form.

Benchmark Index NIFTY Bank Index (Total Returns Index)

Transparency / NAV Disclosure

The AMC will calculate and disclose the first NAV of the Scheme not later than 5 Business Days from the allotment of units under the NFO of the Scheme. Subsequently, the NAVs will be calculated and disclosed at the close of every Business Day in the following manner:i) Displayed on the website of the Mutual Fund (www.hdfcfund.com)ii) Displayed on the website of Association of Mutual Funds in India (AMFI) (www.amfiindia.com).iii) Any other manner as may be specified by SEBI from time to time.The same shall also be communicated to the Stock Exchange(s), where the units will be listed. In addition,the ISCs would also display the same. The Net Asset Value (NAV) of Segregated Portfolio, if any, shall be declared on daily basis.


Intra Day NAV (iNAV):The Fund may also calculate intra-day indicative NAV and update the same during market hours on the website of the Mutual Fund (www.hdfcfund.com) at frequent intervals. Intra-day indicative NAV will not have any bearing on the creation or redemption of units directly with the Fund by the Authorized Participants /Large Investors.Mutual Fund / AMC will provide facility of sending latest available NAVs to unitholders through SMS, upon receiving a specific request in this regard.AMC shall update the NAVs on the website of the Fund and AMFI by 11.00 p.m. every Business day. In case of any delay in uploading on AMFI website, the reasons for such delay would be explained to AMFI in writing. If the NAVs are not available before commencement of business hours on the following day due to any reason, Mutual Fund shall issue a press release providing reasons and explaining when the Mutual Fund would be able to publish the NAVs.The Mutual Fund/ AMC will disclose portfolio (along with ISIN) of the Scheme in the prescribed format, as on the last day of the month / half-year i.e. March 31 and September 30, on its website viz. www.hdfcfund.com and on the website of Association of Mutual Funds in India (AMFI) viz. www.amfiindia.com within 10 days from the close of each month/half-year respectively. In case of unitholders whose e-mail addresses are registered, the Mutual Fund/AMC will send via email both the monthly and half-yearly statement of scheme portfolio within 10 days from the close of each month/half-year respectively. Mutual Fund / AMC will publish an advertisement every half-year in the all India edition of at least two daily newspapers, one each in English and Hindi, disclosing the hosting of the half-yearly statement of the Scheme portfolio on its website and on the website of Association of Mutual Funds in India (AMFI). Mutual Fund / AMC will provide a physical copy of the statement of its Scheme portfolio, without charging any cost, on specific request received from a unitholder.

Loads Entry Load: Not ApplicablePursuant to SEBI Circular No.SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the investor. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.

Exit Load

For Creation Unit Size:

l No Exit load will be levied on redemptions made by Authorised Participants / Large Investors directly with the Fund in Creation Unit Size.

For other than Creation Unit Size:

l Not Applicable

The Units of the ETF in other than Creation Unit Size cannot ordinarily be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on the Exchange(s) where it is listed during the trading hours on all trading days.

Exit/ Entry load is not applicable for Segregated Portfolio, if any, since subscription and redemptions shall not be allowed in such Segregated Portfolio.

For further details on load structure refer to the Section ‘Load Structure’ on 7.

Minimum Application Amount

During NFO Period: Rs. 5,000 per application and in multiples of Re. 1 thereafter. Units will be allotted in whole figures and the balance amount will be refunded. In case of investors opting to switch into the Scheme from the existing Schemes of HDFC Mutual Fund (subject to completion of Lock-in Period, if any) during the NFO Period and if the amount of application is in odd multiples, the application will be processed for the eligible amount and the balance amount will be retained in switch-out Scheme.

On an On-going Basis:

Authorised Participants /Large Investors: Application for subscription of the ETF Units in Creation Unit Size can be made either:

• inexchangeofCash*[asdeterminedbytheAMCequivalenttothecostincurredtowardsthepurchaseof predefined basket of securities that represent the underlying index (i.e. Portfolio Deposit)], Cash Component and other applicable transaction charges; or

• inexchangeofPortfolioDeposit[i.e.bydepositingbasketofsecuritiesconstitutingNIFTYBankIndex]along with the cash component and applicable transaction charges.

Each Creation Unit Size will consist of 12,500 Units of the ETF and 1 Unit of the ETF will be approximately equal to 1/100th of the value of NIFTY Bank Index.

*Cash means payments shall be made only by means of payment instruction of Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account.


Redemption of Units of the ETF in Creation Unit Size will be allowed by means of exchange of Portfolio Deposit or in Cash.

Other investors (including Authorised Participants and Large Investors): Units of the ETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSE and/ or BSE on which the Units will be listed.

Plans/Options offered

Presently the Scheme does not offer any Plans/Options for investment.

However, Trustees may at their absolute discretion reserve the right to declare Dividend from time to time (which will be paid out to the Unit holders) in accordance with the Dividend Policy. The AMC and the Trustees reserve the right to introduce such other Plans/Options as they deem necessary or desirable from time to time, in accordance with the SEBI Regulations.

Transaction Charges In accordance with SEBI circular No. Cir/ IMD/ DF/13/ 2011 dated August 22, 2011, as amended from time to time, HDFC Asset Management Company Limited (“the AMC”)/ Mutual Fund shall deduct the Transaction Charges on purchase / subscription received from the investors investing through a valid ARN Holder i.e. AMFI registered Distributor including transactions routed through Stock Exchange(s) platform viz. NSE Mutual Fund Platform (“NMF II”) and BSE Mutual Fund Platform (“BSE StAR MF”) (provided the distributor has opted-in to receive the Transaction Charges for the Scheme type) as under:

(i) First Time Mutual Fund Investor (across Mutual Funds):

Transaction Charge of Rs. 150/- per purchase / subscription of Rs.10,000/- and above will be deducted from the purchase / subscription amount for payment to the distributor of such investor and the balance shall be invested.

(ii) Investor other than First Time Mutual Fund Investor:

Transaction Charge of Rs. 100/- per purchase / subscription of Rs.10,000/- and above will be deducted from the purchase / subscription amount for payment to the distributor of such investor and the balance shall be invested.

Identification of investors as “first time” or “existing” will be based on Permanent Account Number (PAN) at the First / Sole Applicant / Guardian level. Hence, Unitholders are urged to ensure that their PAN / KYC is updated with the Fund. Unitholders may approach any of the Official Points of Acceptances of the Fund i.e. Investor Service Centres (ISCs) of the Fund / offices of our Registrar and Transfer Agent, M/s. Computer Age Management Services Ltd. in this regard.

It may be noted that Transaction Charges shall not be deducted:

(a) where the distributor of the investor has not opted to receive any Transaction Charges;

(b) For transactions other than purchases / subscriptions relating to new inflows i.e. through Switches/ Systematic Transfers / Dividend Transfers/ Dividend Reinvestment, etc.;

(c) for purchases/ subscriptions made directly with the Fund (i.e. not through any distributor);

(d) for purchases/ subscriptions routed through Stock Exchange(s) through stock brokers as applicable

IMPORTANTBefore investing, investors should also ascertain about any further changes pertaining to scheme such as features, load structure, etc. made to this Scheme Information Document by issue of addenda / notice after the date of this Document from the AMC / Mutual Fund / Investor Service Centres (ISCs) / Website / Distributors or Brokers or Investment Advisers holding valid registrations.


I. INTRODUCTIONA. RISK FACTORSn Standard Risk Factors:l Investment in Mutual Fund Units involves investment risks

such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of principal.

l As the price/ value/ interest rates of the securities in which the Scheme invests fluctuates, the value of your investment in the Scheme may go up or down depending on the various factors and forces affecting the capital markets and money markets.

l Past performance of the Sponsors and their affiliates / AMC /Mutual Fund does not guarantee future performance of the Scheme of the Mutual Fund.

l The name of the Scheme does not in any manner indicate either the quality of the Scheme or its future prospects and returns.

l The Sponsors are not responsible or liable for any loss resulting from the operation of the Scheme beyond the initial contribution of Rs. 1 lakh each made by them towards setting up the Fund.

l The present Scheme is not a guaranteed or assured return Scheme.

n Scheme Specific Risk Factors The Scheme is subject to the specific risks that may adversely

affect the Scheme’s NAV, return and / or ability to meet its investment objective.

The specific risk factors related to the Scheme include, but are not limited to the following:

n Risk Factors associated with Exchange traded Schemes:a. Passive Investments: As the Scheme proposes to invest not less than 95% of

the net assets in the securities of the underlying Index, the Scheme will not be actively managed. The Scheme may be affected by a general decline in the Indian markets relating to its Underlying Index. The Scheme invests in the securities included in its underlying index regardless of their investment merit. The AMC does not attempt to individually select stocks or to take defensive positions in declining markets.

b. Tracking Error Risk: The Fund Manager would not be able to invest the entire

corpus exactly in the same proportion as in the underlying index due to certain factors such as the fees and expenses of the respective Scheme, corporate actions, cash balance, changes to the underlying index and regulatory policies which may affect AMC’s ability to achieve close correlation with the underlying index of the Scheme. The Scheme’s returns may therefore deviate from those of its underlying index. “Tracking Error” is defined as the standard deviation of the difference between daily returns of the underlying index and the NAV of the Scheme. Tracking Error may arise including but not limited to the following reasons: - a. Expenditure incurred by the fund. b. The holding of a cash position and accrued income

prior to distribution of income and payment of accrued expenses. The fund may not be invested at all times as it may keep a portion of the funds in cash to meet redemptions or for corporate actions.

c. Securities trading may halt temporarily due to circuit filters. d. Corporate actions such as debenture or warrant

conversion, rights, merger, change in constituents etc. e. Rounding off of quantity of shares in underlying index. f. Dividend received from underlying securities.

g. Disinvestments by Scheme to meet redemptions, recurring expenses, dividend payouts etc.

h. Execution of large buy / sell orders i. Transaction cost (including taxes and insurance

premium) and recurring expenses j. Realisation of Unit holders’ funds

It will be the endeavor of the fund manager to keep the tracking error as low as possible. Under normal circumstances, such tracking error is not expected to exceed 2% per annum for daily 12 month rolling return. However, in case of events like, dividend received from underlying securities, rights issue from underlying securities, and market volatility during rebalancing of the portfolio following the rebalancing of the underlying index, etc. or in abnormal market circumstances, the tracking error may exceed the above limits. There can be no assurance or guarantee that the Scheme will achieve any particular level of tracking error relative to performance of the Index.

c. Market Trading Risks:i. Absence of Prior Active Market: Although the Scheme will be listed on NSE and/ or BSE,

there can be no assurance that an active secondary market will develop or be maintained. Hence there could be a time when trading in the Units of the Scheme would be infrequent.

ii. Trading in Units may be halted: Trading in the units of the Scheme on NSE/BSE may

be halted because of market conditions or for reasons that in view of NSE/BSE or SEBI, trading in the units of the Scheme is not advisable.

In addition, trading of the units of the Scheme are subject to trading halts caused by extraordinary market volatility and pursuant to stock exchange(s) and SEBI ‘circuit filter’ rules.

There can be no assurance that the requirements of NSE/BSE necessary to maintain the listing of the units of the Scheme will continue to be met or will remain unchanged.

iii. Lack of Market Liquidity: The Scheme may not be able to immediately sell certain

types of illiquid Securities. The purchase price and subsequent valuation of restricted and illiquid Securities may reflect a discount, which may be significant, from the market price of comparable Securities for which a liquid market exists.

iv. Units of the Scheme may trade at prices other than NAV:

The units of the Scheme may trade above or below their NAV. The NAV of the Scheme will fluctuate with changes in the market value of the Scheme’s holdings. The trading prices of the units of the Scheme will fluctuate in accordance with changes in their NAV as well as market supply and demand for the units of the Scheme. However, given that units of the Scheme can be created and redeemed in creation units directly with the Fund, it is expected that large discounts or premiums to the NAV of units of the Scheme will not sustain due to arbitrage opportunity available.

v. Regulatory Risk: Any changes in trading regulations by the Stock

Exchange(s)/SEBI may affect the ability of market maker to arbitrage resulting into wider premium/discount to NAV.

d. Redemption Risk: Investors should note that even though the Scheme is an


open ended Scheme, subscription/redemptions directly with the Fund would be limited to such investors who have the ability to subscribe/redeem the units of the Scheme in Creation Unit size (except in certain exception circumstances mentioned in this SID). Generally, these lot sizes are larger as compared to normal funds. Thus, even though this Scheme is open ended, due to large lot size, very few investors can directly subscribe and redeem the units of the Scheme. However, investors wishing to subscribe/redeem units in other than Creation Unit size can do so by buying/selling the same on NSE/BSE.

e. The units will be issued only in demat form through depositories. The records of the depository are final with respect to the number of units available to the credit of unit holder. Settlement of trades, repurchase of units by the Mutual Fund depends up on the confirmations to be received from depository (ies) on which the Mutual Fund has no control.

n Risk factors associated with investing in equitiesl The Scheme will invest predominantly in equity / equity

related instruments of companies engaged in Banking Sector. The Scheme is sectoral in nature, hence will be affected by the risks associated with the Banking Sector. Owing to high concentration risk for sectoral scheme, risk of capital loss is highest. There is an element of unpredictable market cycles that could run for extended periods. Loss of value due to obsolescence, or regulatory changes coupled with structural rigidity of the scheme can lead to permanent loss of capital. Thus, investing in a sector specific fund could involve potentially greater volatility and risk.

l Equity shares are volatile and prone to price fluctuations on a daily basis. Investments in equity shares involve a degree of risk and investors should not invest in the Scheme unless they can afford to take the risks.

l While securities that are listed on the stock exchange carry lower liquidity risk, the ability to sell these investments is limited by the overall trading volume on the stock exchanges and may lead to the Scheme incurring losses till the security is finally sold.

n Risk factors associated with investing in Fixed Income Securities

The ETF will invest not less than 95% of its corpus in the securities representing NIFTY Bank Index as this Scheme endeavors to earn returns that closely correspond to the total returns represented by NIFTY Bank Index Total Returns Index. The Scheme will have insignificant cash or debt/money market investments. Therefore, the Scheme is not significantly susceptible to risks associated with debt/money markets.l The Net Asset Value (NAV) of the Scheme, to the extent

invested in Debt and Money Market instruments, will be affected by changes in the general level of interest rates. The NAV of the Scheme is expected to increase from a fall in interest rates while it would be adversely affected by an increase in the level of interest rates.

l Money market instruments, while fairly liquid, lack a well developed secondary market, which may restrict the selling ability of the Scheme and may lead to the Scheme incurring losses till the security is finally sold.

l Investments in money market instruments involve credit risk commensurate with short term rating of the issuers.

l Investment in Debt instruments are subject to varying degree of credit risk or default (i.e. the risk of an issuer’s inability to meet interest or principal payments on its obligations) or any other issues, which may have their credit ratings downgraded. Changes in financial conditions of an issuer, changes in economic and political conditions in general, or changes in economic or and political conditions specific to

an issuer, all of which are factors that may have an adverse impact on an issuer’s credit quality and security values. The Investment Manager will endeavour to manage credit risk through in-house credit analysis. This may increase the risk of the portfolio.

l Government securities where a fixed return is offered run price-risk like any other fixed income security. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates drop, the prices increase. The extent of fall or rise in the prices is a function of the existing coupon, days to maturity and the increase or decrease in the level of interest rates. The new level of interest rate is determined by the rates at which government raises new money and/or the price levels at which the market is already dealing in existing securities. The price-risk is not unique to Government Securities. It exists for all fixed income securities. However, Government Securities are unique in the sense that their credit risk generally remains zero. Therefore, their prices are influenced only by movement in interest rates in the financial system.

l Different types of fixed income securities in which the Scheme would invest as given in the Scheme Information Document carry different levels and types of risk. Accordingly, the Scheme risk may increase or decrease depending upon its investment pattern. e.g. corporate bonds carry a higher level of risk than Government securities. Further even among corporate bonds, AAA rated bonds are comparatively less risky than AA rated bonds.

l The AMC may, considering the overall level of risk of the portfolio, invest in lower rated / unrated securities offering higher yields as well as zero coupon securities that offer attractive yields. This may increase the absolute level of risk of the portfolio.

l As zero coupon securities do not provide periodic interest payments to the holder of the security, these securities are more sensitive to changes in interest rates and are subject to issuer default risk. Therefore, the interest rate risk of zero coupon securities is higher. The AMC may choose to invest in zero coupon securities that offer attractive yields. This may increase the risk of the portfolio. Zero coupon or deep discount bonds are debt obligations that do not entitle the holder to any periodic payment of interest prior to maturity or a specified date when the securities begin paying current interest and therefore, are generally issued and traded at a discount to their face values. The discount depends on the time remaining until maturity or the date when securities begin paying current interest. It also varies depending on the prevailing interest rates, liquidity of the security and the perceived credit risk of the Issuer. The market prices of zero coupon securities are generally more volatile than the market prices of securities that pay interest periodically.

l Scheme’s performance may differ from the benchmark index to the extent of the investments held in the debt segment, as per the investment pattern indicated under normal circumstances.

l Prepayment Risk: Certain fixed income securities give an issuer the right to call back its securities before their maturity date, in periods of declining interest rates. The possibility of such prepayment may force the Scheme to reinvest the proceeds of such investments in securities offering lower yields, resulting in lower interest income for the Scheme.

l Reinvestment Risk: This risk refers to the interest rate levels at which cash flows received from the securities in the Schemes are reinvested. The additional income from reinvestment is the “interest on interest” component. The risk is that the rate at which interim cash flows can be reinvested may be lower than that originally assumed.


l Settlement risk: Different segments of Indian financial markets have different settlement periods and such periods may be extended significantly by unforeseen circumstances. Delays or other problems in settlement of transactions could result in temporary periods when the assets of the Scheme are uninvested and no return is earned thereon. The inability of the Scheme to make intended securities purchases, due to settlement problems, could cause the Scheme to miss certain investment opportunities. Similarly, the inability to sell securities held in the Scheme’s portfolio, due to the absence of a well developed and liquid secondary market for debt securities, may result at times in potential losses to the Scheme in the event of a subsequent decline in the value of securities held in the Scheme’s portfolio.

n Risk factors associated with investment in Tri-Party Repo

The mutual fund is a member of securities segment and Triparty Repo trade settlement of the Clearing Corporation of India (CCIL). All transactions of the mutual fund in government securities and in Tri-party Repo trades are settled centrally through the infrastructure and settlement systems provided by CCIL; thus reducing the settlement and counterparty risks considerably for transactions in the said segments. The members are required to contribute an amount as communicated by CCIL from time to time to the default fund maintained by CCIL as a part of the default waterfall (a loss mitigating measure of CCIL in case of default by any member in settling transactions routed through CCIL).

As per the waterfall mechanism, after the defaulter’s margins and the defaulter’s contribution to the default fund have been appropriated, CCIL’s contribution is used to meet the losses. Post utilization of CCIL’s contribution if there is a residual loss, it is appropriated from the default fund contributions of the non-defaulting members. Thus the scheme is subject to risk of the initial margin and default fund contribution being invoked in the event of failure of any settlement obligations. In addition, the fund contribution is allowed to be used to meet the residual loss in case of default by the other clearing member (the defaulting member).

CCIL shall maintain two separate Default Funds in respect of its Securities Segment, one with a view to meet losses arising out of any default by its members from outright and repo trades and the other for meeting losses arising out of any default by its members from Triparty Repo trades. The mutual fund is exposed to the extent of its contribution to the default fund of CCIL, in the event that the contribution of the mutual fund is called upon to absorb settlement/default losses of another member by CCIL, as a result the scheme may lose an amount equivalent to its contribution to the default fund.

n General Risk factorsl Trading volumes, settlement periods and transfer procedures

may restrict the liquidity of the investments made by the Scheme. Different segments of the Indian financial markets have different settlement periods and such periods may be extended significantly by unforeseen circumstances leading to delays in receipt of proceeds from sale of securities. The NAV of the Units of the Scheme can go up or down because of various factors that affect the capital markets in general.

l As the liquidity of the investments made by the Scheme could, at times, be restricted by trading volumes and settlement periods, the time taken by the Mutual Fund for redemption of Units may be significant in the event of an inordinately large number of redemption requests or restructuring of the Scheme. In view of the above, the Trustee has the right, in its sole discretion, to limit redemptions (including suspending redemptions) under certain circumstances, as described on

Page 45 under “Right to Limit Redemptions” in Section ‘Restrictions, if any, on the right to freely retain or dispose of units being offered’.

l At times, due to the forces and factors affecting the capital market, the Scheme may not be able to invest in securities falling within its investment objective resulting in holding the monies collected by it in cash or cash equivalent or invest the same in other permissible securities / investments amounting to substantial reduction in the earning capability of the Scheme. The Scheme may retain certain investments in cash or cash equivalents for its day-to-day liquidity requirements.

l Performance of the Scheme may be affected by political, social, and economic developments, which may include changes in government policies, diplomatic conditions, and taxation policies.

n Risk factors associated with investing in Derivatives • TheAMC, on behalf of the Scheme(s)may use various

derivative products, from time to time, in an attempt to protect the value of the portfolio and enhance Unit holders’ interest. Derivative products are specialized instruments that require investment techniques and risk analysis different from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument but of the derivative itself. Other risks include, the risk of mispricing or improper valuation and the inability of derivatives to correlate perfectly with underlying assets, rates and indices.

• Derivative products are leveraged instruments and canprovide disproportionate gains as well as disproportionate losses to the investor. Execution of such strategies depends upon the ability of the fund manager to identify such opportunities. Identification and execution of the strategies to be pursued by the fund manager involve uncertainty and decision of fund manager may not always be profitable. No assurance can be given that the fund manager will be able to identify or execute such strategies.

• The risks associated with the use of derivatives aredifferent from or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Credit Risk: The credit risk in derivative transaction is the risk that the

counter party will default on its obligations and is generally low, as there is no exchange of principal amounts in a derivative transaction.

• Illiquidity risk: This is the risk that a derivative cannot be sold or purchased

quickly enough at a fair price, due to lack of liquidity in the market.

n Risk factors associated with Repo in Corporate Debt Securities

In repo transactions, also known as a repo or sale repurchase agreement, securities are sold with the seller agreeing to buy them back at later date. The repurchase price should be greater than the original sale price, the difference effectively representing interest. A repo in corporate debt securities is economically similar to a secured loan, with the buyer receiving corporate debt securities as collateral to protect against default. Some of the risks associated with repo in corporate debt are given below:

• Counterparty Risk Counterparty risk refers to the inability of the seller to meet the

obligation to buy back securities at the contracted price on the contracted date. In case of over the counter (OTC) repo trades, the investment manager will endeavour to manage counterparty risk by dealing only with counterparties having


strong credit profiles. Also, the counter-party risk is to an extent mitigated by taking collateral equivalent in value to the transaction after knocking off a minimum haircut on the intrinsic value of the collateral. In the event of default by the repo counterparty, the scheme shall have recourse to the corporate debt securities. In case the repo transaction is executed on exchange platform approved by RBI/SEBI, the exchange may also provide settlement guarantee.

• Collateral Risk Collateral risk arises when the market value of the securities

is inadequate to meet the repo obligations. This risk can be partly mitigated by restricting participation in repo transactions only in corporate debt securities which are approved by credit risk team. Additionally, to address the risk related to reduction in market value of corporate debt security held as collateral due to credit rating downgrade, the repo contract can incorporate either an early termination of the repo agreement or call for fresh margin to meet the minimum haircut requirement or call for replacement of security with eligible security. Moreover, the investment manager may apply a higher haircut on the underlying security than required as per RBI/SEBI regulation to adjust for the illiquidity and interest rate risk on the underlying instrument. To mitigate the risk of price reduction due to interest rate changes, the adequacy of the collateral can be monitored on a daily basis by considering the daily market value & applying the prescribed haircut. The fund manager or the exchange can then arrange for additional collateral from the counterparty, within a pre-specified period. If the counterparty is not able to top-up either in form of cash / collateral, it would tantamount to early termination of the repo agreement, and the outstanding amount can be recovered by sale of collateral.

n Risk factors associated with Creation of Segregated Portfolio

In the event of creation of Segregated Portfolio in case of a Credit Event, investors’ investments may be subject to following risks: a) Investor holding units of Segregated Portfolio may not

able to liquidate their holding till the time recovery of money from the issuer.

b) Listing of units of Segregated Portfolio on recognised stock exchange does not necessarily guarantee its liquidity. There may not be active trading of units on the exchange. Further trading price of units on the exchange may be significantly lower than the prevailing NAV.

c) Security comprising Segregated Portfolio may not realise any value.

n Risk factors associated with processing of transaction through Stock Exchange Mechanism

The trading mechanism introduced by the stock exchange(s) is configured to accept and process transactions for mutual fund units in both Physical and Demat Form. The allotment and/or redemption of Units through NSE and/or BSE or any other recognised stock exchange(s), on any Business Day will depend upon the modalities of processing viz. collection of application form, order processing/settlement, etc. upon which the Fund has no control. However, units of the Scheme can only be subscribed in demat mode. Moreover, transactions conducted through the stock exchange mechanism shall be governed by the operating guidelines and directives issued by respective recognized stock exchange(s).

n Disclaimer of indices NIFTY Bank Index Total Returns Index (“the Indices”):

The Product(s) are not sponsored, endorsed, sold or

promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (“IISL”)). NSE INDICES LIMITED does not make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the Indices to track general stock market performance in India. The relationship of NSE INDICES LIMITED to the Issuer is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by NSE INDICES LIMITED without regard to the Issuer or the Product(s). NSE INDICES LIMITED does not have any obligation to take the needs of the Issuer or the owners of the Product(s) into consideration in determining, composing or calculating the Indices NSE INDICES LIMITED is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. NSE INDICES LIMITED has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

NSE INDICES LIMITED do not guarantee the accuracy and/or the completeness of the Indices or any data included therein and NSE INDICES LIMITED shall have not have any responsibility or liability for any errors, omissions, or interruptions therein. NSE INDICES LIMITED does not make any warranty, express or implied, as to results to be obtained by the Issuer, owners of the product(s), or any other person or entity from the use of the Indices or any data included therein. NSE INDICES LIMITED makes no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, NSE INDICES LIMITED expressly disclaim any and all liability for any claims ,damages or losses arising out of or related to the Products, including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

An investor, by subscribing or purchasing an interest in the Product(s), will be regarded as having acknowledged, understood and accepted the disclaimer referred to in Clauses above and will be bound by it.

B. REQUIREMENT OF MINIMUM INVESTORS IN THE Scheme

The Scheme is an open-ended Exchange Traded Fund and therefore the guidelines issued by SEBI vide its Circular no. SEBI/IMD/CIR No. 10/22701/03 dated December 12, 2003 regarding Minimum Number of Investors in Scheme and that no single investor should account for more than 25% of the corpus of the Scheme shall not be applicable to it.

C. SPECIAL CONSIDERATIONS l The information set out in the Scheme Information

Document (SID) and Statement of Additional Information (SAI) are for general purposes only and do not constitute tax or legal advice. The tax information provided in the SID/SAI does not purport to be a complete description of all potential tax costs, incidence and risks inherent in subscribing to the Units of Scheme(s) offered by HDFC Mutual Fund. Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee that the current tax position as laid out herein may continue indefinitely. The applicability of tax laws, if any, on HDFC Mutual Fund/ Scheme(s)/ investments made by the Scheme(s) and/or investors and/ or income attributable to or distributions or other payments made to Unitholders


are based on the understanding of the prevailing tax legislations and are subject to adverse interpretations adopted by the relevant authorities resulting in tax liability being imposed on the HDFC Mutual Fund/ Scheme(s)/ Unitholders/ Trustee /AMC.

In view of the individual nature of the tax consequences, each investor is advised to consult his/ her own professional tax advisor to determine possible legal, tax, financial or other considerations for subscribing and/or redeeming the Units and/or before making a decision to invest/ redeem Units. The tax information contained in SID/SAI alone may not be sufficient and should not be used for the development or implementation of an investment strategy or construed as investment advice. Investors alone shall be fully responsible/ liable for any investment decision taken on the basis of this document. Neither the Mutual Fund nor the AMC nor any person connected with it accepts any liability arising from the use of this information.

l The Trustee, AMC, Mutual Fund, their directors or their employees shall not be liable for any of the tax consequences that may arise, in the event that the Schemes are wound up for the reasons and in the manner provided in SAI.

l Redemption by the Unit holder either due to change in the fundamental attributes of the Scheme(s) or due to any other reasons may entail tax consequences. The Trustee, AMC, Mutual Fund, their directors or their employees shall not be liable for any such tax consequences that may arise.

l Subject to SEBI (Mutual Funds) Regulations, 1996 in the event of substantial investment by the Sponsors and their associates directly or indirectly in the Scheme(s) of the Mutual Fund, Redemption of Units by these entities may have an adverse impact on the performance of the Scheme(s) because of the timing of any such Redemptions and this may also impact the ability of other Unit holders to redeem their Units.

l The Scheme(s) have not been registered in any jurisdiction. The Scheme(s) may however in future be registered in any jurisdiction, as and when the Trustee/ AMC desires. The distribution of this SID in certain jurisdictions may be restricted or totally prohibited due to registration or other requirements and accordingly, persons who come in possession of this SID are required to inform themselves about and observe any such restrictions and/ or legal, compliance requirements with respect to their eligibility for investment in the Units of the Scheme(s). Any person receiving a copy of this SID, SAI or any accompanying application form in such jurisdiction should not treat this SID, SAI or such application form as constituting an invitation to them to subscribe for Units. Such persons should in no event use any such application form unless in the relevant jurisdiction such an invitation to subscribe could lawfully be made to them and such application form could lawfully be used without complying with any registration or other legal requirements by the AMC/Mutual Fund/Trustee.

l Any dispute arising out of the Scheme(s) shall be subject to the non-exclusive jurisdiction of the Courts in India. Statements in this SID are, except where otherwise stated, based on the law, practice currently in force in India and are subject to changes therein.

l Investors are advised to rely upon only such information and/or representations as contained in this SID. Any subscription or redemption made by any person on the basis of statements or representations which are not contained in this SID or which are inconsistent with the information contained herein shall be solely at the risk of the Investor. The Investor is required to confirm the

credentials of the individual/firm he/she is entrusting his/her application form alongwith payment instructions for any transaction in the Scheme(s). The Mutual Fund/Trustee/AMC shall not be responsible for any acts done by the intermediaries representing or purportedly representing such Investor.

l The AMC and/ or its Registrars & Transfer Agent (RTA) reserve the right to disclose/share Unit holder’s details of folio(s) and transaction details thereunder with the following third parties:

a) RTA, Banks and/or authorised external third parties who are involved in transaction processing, dispatching etc., of the Unitholder’s investment in the Scheme;

b) Distributors or sub-brokers through whom the applications are received for the Scheme;

c) Any other organizations for compliance with any legal or regulatory requirements or to verify the identity of the Unitholders for complying with anti-money laundering requirements.

l Mutual funds investments are subject to market risks and the Investors should review/study this SID, the SAI and the addenda thereto issued from time to time carefully in its entirety before investing and should not construe the contents hereof or regard the summaries contained herein as advice relating to legal, taxation or financial/investment matters. There can be no assurance or guarantee that the Scheme objectives will be achieved. The investment decisions made by the AMC may not always be profitable.

l In terms of the Prevention of Money Laundering Act, 2002, the Rules issued there under and the guidelines/circulars issued by SEBI regarding the Anti Money Laundering (AML Laws), all intermediaries, including Mutual Funds, have to formulate and implement a client identification i.e. Know Your Customer programme, verify and maintain the record of identity and address(es) of investors.

l The need to Know Your Customer (KYC) is vital for the prevention of money laundering. The Trustee / AMC may seek information or obtain and retain documentation used to establish identity. It may re-verify identity and obtain any missing or additional information for this purpose. The Trustee / AMC shall have absolute discretion to reject any application or prevent further transactions by a Unit holder, if after due diligence, the Investor / Unit holder / a person making the payment on behalf of the Investor does not fulfill the requirements of the Know Your Customer (KYC).

l If after due diligence the Trustee / AMC has reason to believe that any transaction is suspicious in nature as regards money laundering, the AMC shall report such transactions to competent authorities under PMLA and rules/guidelines issued thereunder by SEBI/RBI, furnish any such information in connection therewith to such authorities and take any other actions as may be required for the purposes of fulfilling its obligations under PMLA and rules/guidelines issued thereunder without obtaining prior approval of the Unitholder/any other person. In this connection the Trustee / AMC reserves the right to reject any such application at its discretion.

l The AMC offers portfolio management / non-binding investment advisory services and such activities are not in conflict with the activities of the Mutual Fund. The AMC has renewed its registration obtained from SEBI vide Registration No. - PM / INP000000506 dated February 18, 2016 to act as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993. The said certificate of registration is valid unless it is suspended or cancelled by SEBI.


l The AMC will also act as the investment manager for HDFC AMC AIF - II (“AIF Fund”), which is formed as a trust and has received registration as a Category II Alternative Investment Fund from SEBI vide Registration No. IN/AIF2/ 12-13/0038. The Certificate of Registration is valid till the expiry of the last Scheme set up under the AIF Fund. No Scheme(s) have yet been launched under the AIF Fund. As and when the Schemes are launched the the AMC will ensure that there are no material conflicts of interest. As and when Scheme(s) are launched the AMC will ensure that there are no material conflicts of interest. Any potential conflicts between the AIF Fund and the Mutual Fund will be adequately addressed by (a) compliance with the requirements under Regulation 24(b) of the SEBI (Mutual Funds) Regulations, 1996; (b) ensuring that the fund manager(s) of each Scheme of the Mutual Fund, will not play any role in the day-today operations of the AIF Fund, and the key investment team of the AIF Fund is not involved with the activities of the Mutual Fund; and (c) ensuring that there is no interse transfer of assets between the Mutual Fund and any Scheme of the AIF Fund.

l The AMC offers management and/or advisory services to permitted categories of foreign portfolio investors investing in India, through fund manager(s) managing the Schemes of the Fund (“Business Activity”) as permitted under Regulation 24(b) of the SEBI (Mutual Funds) Regulations, 1996, as amended from time to time (“the Regulations”) and subject to such conditions, as maybe specified by SEBI from time to time. The services provided by the AMC for the said Business Activity shall inter-alia include investment management and non-binding investment advice, India focused research, statistical and analytical information. While, undertaking the said Business Activity, the AMC shall ensure that (i) there is no conflict of interest with the activities of the Fund; (ii) there exists a system to prohibit access to insider information as envisaged under the Regulations; and (iii) Interest of the Unit holder(s) of the Schemes of the Fund are protected at all times.

D. DEFINITIONS

In this Scheme Information Document, the following words and expressions shall have the meaning specified herein, unless the context otherwise requires:

“AMC” or “Asset Management Company” or “Investment Manager”

HDFC Asset Management Company Limited, incorporated under the provisions of the Companies Act, 1956 and approved by the Securities and Exchange Board of India to act as the Asset Management Company for the Scheme(s) of HDFC Mutual Fund.

“Applicable NAV” The NAV applicable for purchase or redemption based on the time of the Business Day on which the application is accepted.

“ARN Holder” or “AMFI registered Distributors”

Intermediary registered with Association of Mutual Funds in India (AMFI) to carry out the business of selling and distribution of mutual fund units and having AMFI Registration Number (ARN) allotted by AMFI.

“Authorised Participant” Authorised Participant means the member of the National Stock Exchange of India Ltd. (NSE) or any other Recognized Stock Exchange(s) as defined under Section 2(f) of the Securities Contracts (Regulation) Act, 1956 and their nominated entities/persons or any person who are appointed by the AMC/Fund to act as Authorised Participant to give two way quotes on the stock exchanges and who deal in Creation Unit size for the purpose of purchase and sale of units directly from the AMC.

“Beneficial owner” Beneficial owner as defined in the Depositories Act 1996 (22 of 1996) means a person whose name is recorded as such with a depository.

“Book Closure” The time during which the Asset Management Company would temporarily suspend sale / redemption or otherwise dealing in the Units of the Scheme.

“BSE Limited“ or “BSE” BSE Limited, a Stock Exchange recognized by the Securities and Exchange Board of India.

“Business Day” A day other than:(i) Saturday and Sunday; or(ii) A day on which the banks in Mumbai and / or RBI are closed for business / clearing;

or(iii) A day on which the National Stock Exchange of India Limited and BSE Limited is

closed; or(iv) A day which is a public and / or bank holiday at a Investor Service Centre where

the application is received; or(v) A day on which Sale / Redemption of Units is suspended by the AMC; or(vi) A day on which normal business cannot be transacted due to storms, floods, bandhs,

strikes or such other events as the AMC may specify from time to time.The AMC reserves the right to declare any day as a Business Day or otherwise at any or all Investor Service Centres.

“Business Hours” Presently 9.30 a.m. to 5.30 p.m. on any Business Day or such other time as may be applicable from time to time.


“Cash Component” Cash Component represents the difference between the Applicable NAV of a Creation Unit size and the market value of Portfolio Deposit. This difference will represent accrued dividends, accrued annual charges including management fees and residual cash in the Scheme. In addition, the Cash Component will include transaction cost as charged by the Custodian/DP, equalization of dividend and other incidental expenses for Creating Units including statutory levies, if any.The Cash Component will vary from time to time and will be decided and announced by the AMC.

“Creation Date” The date on which the ETF Units are created.

“Creation Unit Size” Creation Unit Size is fixed number of units of the Scheme, which is exchanged for (a) a basket of securities (Portfolio Deposit) and a Cash Component; or (b) cash for purchasing basket of securities and a Cash Component, equal to the value of said predefined units of the Scheme. For redemption of units it is vice versa i.e. fixed number of units of Scheme are exchanged for (i) Portfolio Deposit or Cash; and (ii) the Cash Component.The Portfolio Deposit and/ or Cash Component will change from time to time. Each Creation Unit size consists of 12,500 units of HDFC Banking ETF. Each unit of HDFC Banking ETF will be approximately equal to 1/100th of the value of the NIFTY Bank Index. The Creation Unit size may be changed by the AMC at their discretion and the notice of the same shall be published on AMC’s website.

“Credit Event”

(With respect to creation of a Segregated Portfolio, if any)

Credit Event refers to issuer level downgrade in credit rating by a SEBI registered Credit Rating Agency (CRA), as under:a. Downgrade of a debt or money market instrument to ‘below investment grade’, orb. Subsequent downgrades of the said instruments from ‘below investment grade’, orc. Similar such downgrades of a loan ratingd. Any other scenario as specified by SEBI from time to time.Note: In case of difference in rating by multiple CRAs, the most conservative rating shall be considered.Credit Event shall also include actual default of either the interest or principal of unrated debt or money market instruments of an issuer that does not have any outstanding rated debt or money market instruments.

“Custodian” A person who has been granted a certificate of registration to carry on the business of custodian of securities under the Securities and Exchange Board of India (Custodian of Securities) Regulations 1996, which for the time being is HDFC Bank Limited

“Depository” Depository as defined in the Depositories Act, 1996 (22 of 1996) and in this SID refers to National Securities Depository Ltd (NSDL) and Central Depository Services Ltd (CDSL).

“Depository Participant or “DP” ‘Depository Participant’ means a person registered as such under subsection (1A) of section 12 of the Securities and Exchange Board of India Act, 1992.

“Depository Records” Depository Records as defined in the Depositories Act, 1996 (22 of 1996) includes the records maintained in the form of books or stored in a computer or in such other form as may be determined by the said Act from time to time.

“Exchange” or “Stock Exchange” or “Market”

National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) and such other recognized stock exchange(s) where the Units of the Scheme are listed.

“Exchange Traded Fund / ETF” Exchange Traded Fund / ETF means a fund whose Units are listed on an Exchange and can be bought / sold at prices, which may be close to the NAV of the Scheme.

“Exit Load” or “Redemption Load” Load on Redemption of Units.

“Face Value / Allotment Price” The Face Value of each unit will be 1/100th Value of underlying Index as on date of Allotment of Units for the New Fund Offer. On allotment, value of each unit will be approximately equal to 1/100th of the value of NIFTY Bank Index.

“Foreign Portfolio Investor” or “FPI”

FPI means a person who satisfies the eligibility criteria prescribed under Regulation 4 and has been registered under Chapter II of Securities and Exchange Board of India (Foreign Portfolio Investor) Regulations, 2019.

“Floating Rate Debt Instruments” Floating Rate Debt Instruments are debt securities issued by Central and / or State Government, corporates or PSUs with interest rates that are reset periodically. The periodicity of the interest reset could be daily, monthly, quarterly, half-yearly, annually or any other periodicity that may be mutually agreed with the issuer and the Fund.The interest on the instruments could also be in the nature of fixed basis points over the benchmark gilt yields.


“Gilts” or “Government Securities” Securities created and issued by the Central Government and / or a State Government (including Treasury Bills) or Government Securities as defined in the Government Securities Act, 2006, as amended or re-enacted from time to time.

“Investment Management Agreement”

The agreement dated June 8, 2000 entered into between HDFC Trustee Company Limited and HDFC Asset Management Company Limited, as amended from time to time.

“Intra-day NAV (iNAV)” iNAV (indicative NAV) reflects the indicative value of each unit by valuing the previous day portfolio using near close real time prices and after deducting expenses incurred towards operating and holdings cost.

“Investor Service Centres” or “ISCs” Designated Offices of HDFC Asset Management Company Limited or such other centres/ offices as may be designated by the AMC from time to time.

“Large Investors” Large Investor for the purpose of subscription of the ETF Unit would mean Investor other than Authorized Participants) who is eligible to invest in the Scheme and who would be creating Units of the Scheme in Creation Unit size by depositing Portfolio Deposit and/ or Cash Component. Further Large Investors would also mean those Investors who would be Redeeming Units of the Scheme in Creation Unit size.

“Load” In the case of Redemption of a Unit, the sum of money deducted from the Applicable NAV on the Redemption and in the case of Sale of a Unit, a sum of money to be paid by the prospective investor on the Sale of a Unit in addition to the Applicable NAV.

“Main Portfolio”


Scheme portfolio excluding the Segregated Portfolio, if any.

“Money Market Instruments” Includes commercial papers, commercial bills, treasury bills, Government securities having an unexpired maturity upto one year, call or notice money, certificate of deposit, usance bills and any other like instruments as specified by the Reserve Bank of India from time to time.

“Mutual Fund” or “the Fund” HDFC Mutual Fund, a trust set up under the provisions of the Indian Trusts Act, 1882.

“Net Asset Value” or “NAV” Net Asset Value per Unit of the Scheme, calculated in the manner described in this Scheme Information Document or as may be prescribed by the SEBI (MF) Regulations from time to time.

“New Fund Offer” or “NFO” Offer for purchase of Units under the Scheme during the NFO Period as described hereinafter.

“Non-Resident Indian” or “NRI” Non-Resident Indian (NRI) means an individual resident outside India who is citizen of India or is an Overseas Citizen of India cardholder within the meaning of section 7 (A) of the Citizenship Act, 1955.

“National Stock Exchange of India Ltd.” or “NSE”

National Stock Exchange of India Ltd., a Stock Exchange recognized by the Securities and Exchange Board of India.

“Official Points of Acceptance” or “OPA”

Places, as specified by AMC from time to time where application for subscription / redemption will be accepted on ongoing basis.

“Overseas Citizen of India” or “OCI” A person registered as an overseas citizen of India by the Central Government under section 7A of ‘The Citizenship Act, 1955’. The Central Government may register as an OCI a foreign national (except a person who is or had been a citizen of Pakistan or Bangladesh or such other person as may be specified by Central Government by notification in the Official Gazette), who was eligible to become a citizen of India on 26.01.1950 or was a citizen of India on or at any time after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947 and his / her children and grand children (including Minor children), provided his / her country of citizenship allows dual citizenship in some form or other under the local laws.

“Person of Indian Origin” or “PIO” A citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held an Indian passport; or (b) he or either of his parents or any of his grand parents was a citizen of India by virtue of Constitution of India or the Citizenship Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or person referred to in sub-clause (a) or (b).

“Portfolio Deposit” Portfolio Deposit consists of pre-defined basket of securities that represent the underlying index and as announced by AMC from time to time.

“Registrar and Transfer Agent” or “RTA”

Computer Age Management Services Limited (CAMS) Chennai, currently acting as registrar to the Scheme, or any other registrar appointed by the AMC from time to time.

“Redemption / Repurchase” Redemption of Units of the Scheme as permitted.

“Regulatory Agency” Government of India, SEBI, RBI or any other authority or agency entitled to issue or give any directions, instructions or guidelines to the Mutual Fund.


“Repo”or “Reverse Repo” Sale / Purchase of Government Securities with simultaneous agreement to repurchase/ sell them at a later date.

“Reserve Bank of India” or “RBI” Reserve Bank of India, established under the Reserve Bank of India Act, 1934,(2 of 1934).

“Sale / Subscription” Sale or allotment of Units to the Unit holder upon subscription by the investor / applicant under the Scheme.

“Scheme” or “HDFC Banking ETF” or “the ETF”

HDFC Banking ETF offered under this Scheme Information Document in the form of an Exchange Traded Fund to be listed on one or more Exchanges, (including, as the context permits, the Options / Plans under Main/ Segregated/Total Portfolio)

“Securities and Exchange Board of India” or “SEBI”

Securities and Exchange Board of India, established under the Securities and Exchange Board of India Act, 1992.

“SEBI (MF) Regulations” or “Regulations”

Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended from time to time.

“Segregated Portfolio” A portfolio, comprising debt or money market instrument affected by a Credit Event that may be segregated in the Scheme optionally and at the sole discretion of the AMC.

“Sponsors” or “Settlors” Housing Development Finance Corporation Limited and Standard Life Investments Limited.

“Scheme Information Document” or “SID”

This document or “SID” issued by HDFC Mutual Fund, offering Units of the Scheme for subscription.

“Statement of Additional Information” or “SAI”

The document issued by HDFC Mutual Fund containing details of HDFC Mutual Fund, its constitution, and certain tax, legal and general information. SAI is legally a part of the Scheme Information Document.

“Tracking Error” “Tracking Error” is defined as the standard deviation of the difference between daily total returns of the underlying index and the NAV of the Scheme. Thus Tracking Error is the extent to which the NAV of the Scheme moves in a manner inconsistent with the movements of the Scheme’s benchmark index on any given day or over any given period of time due to any cause or reason whatsoever including but not limited to expenditure incurred by the Scheme, dividend payouts if any, whole cash not invested at all times as the Scheme may keep a portion of funds in cash to meet redemption etc.

“Trust Deed” The Trust Deed dated June 8, 2000 made by and between HDFC Limited and HDFC Trustee Company Limited (“Trustee”), thereby establishing an irrevocable trust, called HDFC Mutual Fund and deed of variations dated June 11, 2003 and June 19, 2003.

“Total Portfolio”


Scheme portfolio including the securities affected by a Credit Event.

“Underlying Index” or “Index” The Scheme shall invest in securities that are constituents of the underlying index. The Underlying Index for the Scheme is NIFTY Bank Index.

“Unit” The interest of the Unit holder which consists of each Unit representing one undivided share in the assets of the Scheme.

“Unit holder” or “Investor” A person holding Unit in the Scheme of the HDFC Mutual Fund offered under this Scheme Information Document.

INTERPRETATION

For all purposes of this Scheme Information Document, except as otherwise expressly provided or unless the context otherwise requires:

l all references to the masculine shall include the feminine and all references, to the singular shall include the plural and vice-versa.

l all references to “dollars” or “$” refer to United States Dollars and “Rs.” refer to Indian Rupees.

l A “crore” means “ten million” and a “lakh” means a “hundred thousand”.

l all references to timings relate to Indian Standard Time (IST).


E. ABBREVIATIONSIn this Scheme Information Document the following abbreviations have been used.

AMC Asset Management Company

AMFI Association of Mutual Funds in India

BSE BSE Limited

CAGR Compound Annual Growth Rate

CDSL Central Depository Services (India) Limited

DP Depository Participant

ECS Electronic Clearing System

EFT Electronic Funds Transfer

FCNR A/c Foreign Currency (Non-Resident) Account

FPI Foreign Portfolio Investor

GOI Government of India

GST Goods and Service Tax

HBANKETF HDFC Banking ETF

IISL India Index Services & Products Limited

ISC Investor Service Centre

KRA KYC Registration Agency

KYC Know Your Customer

NAV Net Asset Value

NEFT National Electronic Funds Transfer

NRE A/c Non-Resident (External) Rupee Account

NFO New Fund Offer

NRI Non-Resident Indian

NRO A/c Non-Resident Ordinary Rupee Account

NSDL National Securities Depositories Limited

NSE National Stock Exchange of India Limited

OCI Overseas Citizen of India

PAN Permanent Account Number

PIO Person of Indian Origin

RBI Reserve Bank of India

RTA Registrar and Transfer Agent

RTGS Real Time Gross Settlement

SAI Statement of Additional Information

SEBI Securities and Exchange Board of India

SID Scheme Information Document

TREPs Tri-Party Repos

F. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANYA Due Diligence Certificate duly signed by the Chief Compliance Officer of HDFC Asset Management Company Limited has been submitted to SEBI, which reads as follows:It is confirmed that:(i) This Scheme Information Document has been prepared in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the

guidelines and directives issued by SEBI from time to time.(ii) All legal requirements connected with the launching of the Scheme as also the guidelines, instructions, etc., issued by the

Government and any other competent authority in this behalf, have been duly complied with.(iii) The disclosures made in the Scheme Information Document are true, fair and adequate to enable the investors to make a well

informed decision regarding investment in the Scheme.(iv) The intermediaries named in the Scheme Information Document and Statement of Additional Information are registered with

SEBI and their registration is valid, as on date. Signed : sd/-Place : Mumbai Name : Supriya SapreDate : July 29, 2020 Designation : Chief Compliance Officer


G. RATIONALE AND PRODUCT DIFFERENTIATION

The Scheme is meant for investors who would prefer a passive investment fund investing in companies that are constituents of the NIFTY Bank Index.

• ThefeaturesoftheSchemeforthepurposeofcomparisonwithHDFCNIFTY50ETFandHDFCSENSEXETF:

Scheme Name

Asset Allocation Pattern Table for HDFC Banking ETF Investment Objective Investment Strategy

HDFC Banking ETF

Under normal circumstances the asset allocation will be as follows:

Type of Instrument

Minimum Allocation(% of total Assets)*

Maximum Allocation(% of total Assets)*

Risk Profile

Securities covered by NIFTY Bank Index

95 100 Medium to High

Debt Securities & Money Market Instruments

0 5 Low to Medium

*The above limits shall not apply to Subscription and Redemption Cash Flow. Subscription cash flow is the subscription money in transit before deployment and redemption cash flow is the money kept aside for meeting redemptions.

The Scheme will not make any investment in Debt Derivatives, ADR /GDR /Foreign Securities /Securitized Debt. The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.

The Scheme may invest Upto 25% of its net assets in Derivatives. The Scheme may undertake (i) Credit Default Swaps, (ii) Short Selling and such other transactions in accordance with guidelines issued by SEBI from time to time.

The Scheme may invest in the Schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.

Pending deployment of funds of the Scheme in securities in terms of the investment objective of the Scheme, the AMC may park the funds of the Scheme in short term deposits of scheduled commercial banks, subject to the guidelines issued by SEBI vide its circular no. SEBI/IMD/CIR No. 1/ 91171 /07 dated April 16, 2007, as amended from time to time.

Further, a part of the total assets may be invested in the Tri-Party Repos (TREPS) or repo or in an alternative investment as may be provided by RBI to meet the liquidity requirements. From time to time, the Scheme may hold cash.

The Scheme may undertake repo / reverse repo transactions in Corporate Debt Securities and such other transactions in accordance with guidelines issued by SEBI from time to time.

To provide investment r e tu rns tha t , be fo re e x p e n s e s , c l o s e l y correspond to the total returns of the Securities as represented by the NIFTY Bank Index subject to tracking errors.

There is no assurance that the investment objective of the Scheme will be realized.

HDFC Banking ETF would invest in stocks comprising the underlying index and endeavor to track the benchmark index. The Fund may also invest in debt & money market instruments, in compliance with regulations to meet liquidity and expense requirements. HDFC Banking ETF endeavors to invest in stocks forming part of the underlying index in the same ratio as per the index to the extent possible and to that extent follows a passive investment strategy, except to the extent of meeting liquidity and expense requirements.

Since the Scheme is an exchange traded fund, it will only invest in securities constituting the underlying index. However, due to corporate action in companies comprising the index, the Scheme may be a l located/al lo t ted securities which are not part of the index. Such holdings would be rebalanced within 7 Business Days from the date of allotment / listing of such securities.

As part of the Fund Management process, the Scheme may use derivative instruments such as index futures and options, or any other derivative instruments that are permissible or may be permissible in future under applicable regulations. However, trading in derivatives by the Scheme shall be for restricted purposes as permitted by the regulations.

Though every endeavor will be made to achieve the objective of the Scheme, the AMC/Sponsors/Trustee do not guarantee that the investment objective of the Scheme will be achieved. No guaranteed returns are being offered under the Scheme.


• ComparisonwithHDFCNIFTY50ETFandHDFCSENSEXETF:

Scheme Name

Scheme Category

Asset Allocation Pattern Table Investment Objective

Investment Strategy Product Positioning

HDFC Nifty 50 ETF (‘HNETF’)

[Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme]

Exchange T r a d e d Fund


Type of Instrument

Normal Allocation(% of Total Assets)

Risk Profile

Securities covered by NIFTY 50 Index

95-100 High

Debt securities and money market instruments but excluding subscription and redemption cash flow

0-5 Low to Medium

Subscription cash flow is the subscription money in transit before deployment and redemption cash flow is the money kept aside for meeting redemptions.

The Scheme will not make any investment in Debt Derivatives, ADR /GDR /Foreign Securities /Securitized Debt/Repo in Corporate Debt Securities.

The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.

The Scheme may invest upto 100% of its net assets in Derivatives.

The Scheme may undertake (i) Credit Default Swaps, (ii) Short Selling and such other transactions in accordance with guidelines issued by SEBI from time to time.


The investment o b j e c t i v e o f H D F C N i f t y 5 0 E T F i s t o g e n e r a t e returns that are commensurate w i t h t h e performance of the NIFTY 50 Index, subject to tracking error.

T h e r e i s n o assurance that the investment objective of the scheme will be realized.

The NIFTY 50 ETF will be managed passively with investments in stocks in a proportion t ha t i s a s c l o s e as possible to the weightages of these stocks in the respective Index. The investment strategy would revolve around reducing the tracking error to the least possible through regular rebalancing of the portfolio, taking in to accoun t the change in weights of stocks in the Index as well as the incremental c o l l e c t i o n s /redemptions in the Scheme. A part of the funds may be invested in debt and money market instruments, to meet the liquidity requirements.

S u b j e c t t o t h e Regulations and the applicable guidelines, t he Scheme may engage i n S tock Lending activities.

The Scheme may also invest in the schemes of Mutual Funds.

T h o u g h e v e r y endeavor will be made to achieve the objective of the Scheme, the AMC/Sponsors/Trustee do not guarantee that the investment object ive of the Scheme wi l l be a c h i e v e d . N o guaranteed returns are being offered under the Scheme.

An open ended scheme r ep l i ca t i ng /tracking NIFTY 50 Index


Scheme Name

Scheme Category

Asset Allocation Pattern Table Investment Objective

Investment Strategy Product Positioning

HDFC SENSEX ETF (HSXETF)

Exchange T r a d e d Fund


Type of Instrument

Normal Allocation(% of Total Assets)

Risk Profile

Securities covered by S&P BSE SENSEX Index

95-100 High

Debt securities and money market instruments but excluding subscription and redemption cash flow

0-5 Low to Medium

Subscription cash flow is the subscription money in transit before deployment and redemption cash flow is the money kept aside for meeting redemptions.

The Scheme will not make any investment in Debt Derivatives, ADR /GDR /Foreign Securities/ Securitized Debt/Repo in Corporate Debt Securities.

The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.

The Scheme may invest upto 100% of its net assets in Derivatives.

The Scheme may undertake (i) Credit Default Swaps, (ii) Short Selling and such other transactions in accordance with guidelines issued by SEBI from time to time.


The investment o b j e c t i v e o f H D F C S E N S E X E T F is to generate returns that are commensurate w i t h t h e pe r f o rmance of the S&P BSE SENSEX Index, s u b j e c t t o tracking errors.

T h e r e i s n o assurance that the investment objective of the Scheme will be realized.

The SENSEX ETF will be managed passively with investments in stocks in a proportion t ha t i s a s c l o s e as possible to the weightages of these stocks in the respective Index. The investment strategy would revolve around reducing the tracking error to the least possible through regular rebalancing of the portfolio, taking in to accoun t the change in weights of stocks in the Index as well as the incremental c o l l e c t i o n s /redemptions in the Scheme. A part of the funds may be invested in debt and money market instruments, to meet the liquidity requirements.

S u b j e c t t o t h e Regulations and the applicable guidelines, the Scheme may, engage i n S tock Lending activities.

The Scheme may also invest in the schemes of Mutual Funds.

T h o u g h e v e r y endeavor will be made to achieve the objective of the Scheme, the AMC/Sponsors/Trustee do not guarantee that the investment object ive of the Scheme wi l l be a c h i e v e d . N o guaranteed returns are being offered under the Scheme.

An open ended scheme r ep l i ca t i ng /tracking S&P BSE SENSEX Index


II. INFORMATION ABOUT THE SCHEMEA. TYPE OF THE SCHEME:An Open Ended Scheme replicating/tracking NIFTY Bank IndexB. WHAT IS THE INVESTMENT OBJECTIVE OF THE

SCHEME?To provide investment returns that, before expenses, closely correspond to the total returns of the Securities as represented by the NIFTY Bank Index subject to tracking errors.There is no assurance that the investment objective of the Scheme will be realized.C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS?ASSET ALLOCATION:Under normal circumstances, the anticipated asset allocation would be:

Type of Instrument Minimum Allocation (% of total Assets)*

Maximum Allocation (% of total Assets)*

Risk Profile

Securities covered by NIFTY Bank Index

95 100 Medium to High

Debt Securities & Money Market Instruments

0 5 Low to Medium

*The above limits shall not apply to Subscription and Redemption Cash Flow. Subscription cash flow is the subscription money received for deployment and redemption cash flow is the money kept aside for meeting redemptions.For e.g.

(Rs)Total Assets (based on previous day end) (A) 100Value of assets invested in Securities covered by NIFTY Bank Index (as at previous day end) (B)

(Being an ETF which replicates underlying index investments, the Scheme would remain almost completely invested)

99.95

Subscription cash flow received on T day, which would be invested on the same day to avoid tracking error (C)

5

Value of assets after investing in Securities covered by NIFTY Bank Index during the day (B+C)

104.95

Thus, the cumulative gross exposure through all permissible investments viz. equity, debt and derivative positions may exceed 100% of the net assets of the Scheme to the extent of deployment of Subscription cash flow.The Scheme will not make any investment in Debt Derivatives, ADR /GDR /Foreign Securities /Securitized Debt. The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time. The Scheme may invest Upto 25% of its net assets in Derivatives. The Scheme may undertake (i) Credit Default Swaps, (ii) Short Selling and such other transactions in accordance with guidelines issued by SEBI from time to time. The Scheme may invest in the Schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.Pending deployment of funds of the Scheme in securities in terms of the investment objective of the Scheme, the AMC may park the funds of the Scheme in short term deposits of scheduled commercial banks, subject to the guidelines issued by SEBI vide

its circular no. SEBI/IMD/CIR No. 1/ 91171 /07 dated April 16, 2007, as amended from time to time, including SEBI Circular No. SEBI/HO/IMD/DF4/CIR/P/2019/093 dated August 16, 2019. For further details, refer to the “What are the Investment Restrictions” Section on Page 32.Further, a part of the total assets may be invested in the Tri-Party Repos (TREPS) or repo or in an alternative investment as may be provided by RBI to meet the liquidity requirements. From time to time, the Scheme may hold cash.The Scheme may undertake repo / reverse repo transactions in Corporate Debt Securities and such other transactions in accordance with guidelines issued by SEBI from time to time.Subject to the SEBI (MF) Regulations and in accordance with Securities Lending Scheme, 1997, SEBI Circular No MFD/CIR/ 01/ 047/99 dated February 10, 1999, SEBI Circular no. SEBI / IMD / CIR No 14 / 187175/ 2009 dated December 15, 2009 and framework for short selling and borrowing and lending of securities notifed by SEBI vide circular No MRD/DoP/SE/Dep/Cir- 14/2007 dated December 20, 2007, as may be amended from time to time, the Scheme intends to engage in Stock Lending not exceeding 25% of the net assets of the Scheme. Stock Lending means the lending of stock to another person or entity for a fixed period of time, at a negotiated compensation in order to enhance returns of the portfolio. The securities lent will be returned by the borrower on the expiry of the stipulated periodThe Mutual Fund may not be able to sell such lent out securities and this can lead to temporary illiquidity.Exposure limits for participation in repo in corporate debt securitiesThe gross exposure of the scheme to repo transactions in corporate debt securities shall not be more than 5% of the net assets of the scheme or as permitted by extant SEBI regulation. Additionally, other restrictions on exposures to repo in corporate debt securities like tenor, rating category etc would be applicable, as permitted by SEBI and RBI from time to time.Change in Asset Allocation PatternThe Scheme, in general, will hold all the securities that constitute the underlying Index in the same proportion as the index. Expectation is that, over a period of time, the tracking error of the Scheme relative to the performance of the Underlying Index will be relatively low. The AMC would monitor the tracking error of the Scheme on an ongoing basis and would seek to minimize tracking error to the maximum extent possible. Under normal market circumstances, such tracking error is not expected to exceed 2% p.a for daily 12 month rolling return. However, in case of events like, dividend received from underlying securities, and market volatility during rebalancing of the portfolio following the rebalancing of the Underlying Index, etc. or in abnormal market circumstances, the tracking error may exceed the above limits. Since the Scheme is an exchange traded fund, it will endeavor that at no point of time the Scheme will deviate from the index. In the interest of investors, the AMC reserves the right to change the above asset allocation pattern due to corporate action activity undertaken in the underlying securities. In case of any deviation from the above asset allocation, the portfolio shall be rebalanced within 7 Business Days to ensure adherence to the above norms. In the event of involuntary corporate action, the Scheme shall dispose the security not forming part of the underlying index within 7 Business Days from the date of allotment/ listing.


INTRODUCTION TO EXCHANGE TRADED FUNDS (ETF)ETFs are innovative products that provide exposure to an index or a basket of securities or physical gold that trade on the exchange like a single stock. ETFs have a number of advantages over traditional open- ended index funds as they can be bought and sold on the exchange at prices that are usually close to the actual intra-day NAV of the Scheme. ETFs are an innovation to traditional mutual funds as ETFs provide Investors a fund that closely tracks the performance of an index / physical gold with the ability to buy/sell on an intra-day basis. Unlike listed close ended funds, which trade at substantial premiums or more frequently at discounts to NAV, ETFs are structured in a manner which allows to create new Units and Redeem outstanding Units directly with the fund, thereby ensuring that ETFs trade close to their actual NAVs.ETFs are usually passively managed funds wherein subscription/redemption of units work on the concept of exchange with underlying securities. In other words, Large Investors/institutions can purchase Units by depositing the underlying securities with the Fund/AMC and can redeem by receiving the underlying shares in exchange of Units in creation unit size. Units can also be bought and sold directly on the exchange.ETFs have all the benefits of indexing such as diversification, low cost and transparency. As ETFs are listed on the exchange, costs of distribution are much lower and the reach is wider. These savings in cost are passed on to the Investors in the form of lower costs. Further more, exchange traded mechanism enables minimal collection, disbursement and other processing charges. The structure of ETFs is such that it protects long-term Investors from inflows and outflows of short-term Investor. This is because the Fund does not bear extra transaction cost when buying/selling due to frequent subscriptions and redemptions.Tracking Error of ETFs is likely to be low as compared to a normal index fund. Due to the creation/redemption of units through the in-kind mechanism the fund can keep lesser funds in cash. Also, time lag between buying/selling units and the underlying shares is much lower.ETFs are highly flexible and can be used as a tool for gaining instant exposure to the equity markets, equitising cash or for arbitraging between the cash and futures market.Benefits of ETFs1. Can be easily bought / sold like any other stock on the

exchange through terminals spread across the country.2. Can be bought/sold anytime during market hours at prices

that are expected to be close to actual NAV of the Schemes. Thus, investor invests at real-time prices as opposed to end of day prices.

3. No separate form filling for buying / selling units. It is just a phone call to your broker or a click on the net.

4. Ability to put limit orders.5. Minimum investment for an ETF is one unit.

6. Protects long-term investors from the inflows and outflows of short-term investors.

7. Flexible as it can be used as a tool for gaining instant exposure to the respective equity/gold markets, equitising cash, hedging or for arbitraging between the cash and futures market.

8. Helps in increasing liquidity of underlying cash market.9. Aids low cost arbitrage between futures and cash market.10. An investor can get a consolidated view of his investments

without adding too many different account statements as the Units issued would be in demat form.

Uses of ETFs1. Investors with a long-term horizon: Allows diversification of

portfolio at one shot thereby reducing scrip specific risk at a low cost.

2. Institutions and Mutual Funds: Allows easy asset allocation, hedging and equitising cash at a low cost.

3. Arbitrageurs: Low impact cost to carry out arbitrage between the cash and the futures market.

4. Investors with a shorter term horizon: Allows liquidity due to ability to trade during the day and expected to have quotes near NAV during the course of trading day.

Risks of ETFs1. Absence of Prior Active Market: Although the units of ETFs

are listed on the Exchange for trading, there can be no assurance that an active secondary market will develop or be maintained.

2. Lack of Market Liquidity: Trading in units of ETFs on the Exchange on which it is listed may be halted because of market conditions or for reasons that, in the view of the concerned stock exchange or market regulator, trading in the ETF units is inadvisable. In addition, trading in the units of ETFs is subject to trading halts caused by extraordinary market volatility pursuant to ‘circuit filter’ rules. There can be no assurance that the requirements of the concerned stock exchange necessary to maintain the listing of the units of ETFs will continue to be met or will remain unchanged.

3. Units of Exchange Traded Funds may trade at prices other than NAV: Units of ETFs may trade above or below their NAV. The NAV of units of ETFs may fluctuate with changes in the market value of a Scheme’s holdings. The trading prices of units of ETF will fluctuate in accordance with changes in their NAVs as well as market supply and demand. However, given that ETFs can be created/redeemed in creation units, directly with the Fund, large discounts or premiums to the NAVs will not sustain due to arbitrage possibility available.


• Procedure for creation of HBANKETF units in Creation Unit size:

• The Fund/AMC allows cash/exchange of Portfolio Deposit for Purchase of Units of the Scheme in Creation Unit size by Large Investors/Authorised Participants.

• Creation of Units in exchange of Portfolio Deposit: The requisite Securities constituting the Portfolio Deposit have to be transferred to the Scheme’s Depository Participant account while the Cash Component has to be paid to the Custodian/AMC. On confirmation of the same by the Custodian/AMC, the AMC will create and transfer the equivalent number of Units of the Scheme into the Investor’s Depository Participant account and pay/ recover the Cash Component and transaction handling charges, if any.

• Creation of Units in Cash: Subscription of the ETF Units in Creation Unit Size will be made by payment of requisite Cash, as determined by the AMC equivalent to the cost incurred towards the purchase of predefined basket of securities that represent the underlying index (i.e. portfolio deposit), Cash Component and transaction handling charges, if any, only by means of payment instruction of Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account.

• The Creation Unit will be subject to transactionhandling charges incurred by the Fund/AMC. Such transaction handling charges shall be recoverable from the transacting Authorized Participant or Large Investor.

• The PortfolioDeposit and/orCashComponent forunits of the Scheme may change from time to time due to changes in the Underlying Index on account of corporate actions and changes to the index constituents.

• The investors are requested to note that the Units of the Scheme will be credited into the Investor’s Depository Participant account only on receipt of Cash Component and transaction handling charges, if any.

‘Creation Unit Size’ is fixed number of units of the Scheme, which is exchanged for (a) a basket of securities (Portfolio Deposit) and a Cash Component; or (b) cash for purchasing basket of securities and a Cash Component, equal to the value of said predefined units of the Scheme.

Each Creation Unit size consists of 12,500 units of the ETF. Each unit of the ETF will be approximately equal to the 1/100th value of the NIFTY Bank Index.

‘Portfolio Deposit’ consists of pre-defined basket of securities that represent the underlying index as announced by AMC from time to time.

• Procedure for Redemption in Creation Unit size• TherequisitenumberofUnitsoftheSchemeequivalent

to the Creation Unit has to be transferred to the Fund’s Depository Participant account and the Cash Component to be paid to the AMC/Custodian.

• OnconfirmationofthesamebytheAMC,theAMCwill transfer the Portfolio Deposit to the Investor’s Depository Participant account and pay/recover the Cash Component and transaction handling charges, if any.

• TheFundmayallowcashRedemptionoftheUnitsofthe Scheme in Creation Unit size by Large Investors/Authorized Participant.

• Such Investors shallmakeRedemption request to theFund/AMC whereupon the Fund/AMC will arrange to sell underlying portfolio Securities on behalf of the Investor. Accordingly, the sale proceeds of portfolio Securities, after adjusting the Cash Component and transaction handling charges will be remitted to the Investor.

• Redemption proceeds will be sent to AuthorisedParticipants/Large Investors within 10 Business Days of the date of redemption subject to confirmation with the depository records of the Scheme’s DP account.

Note: 1. The Creation Unit size may be changed by the AMC

at their discretion and the notice of the same shall be published on AMC’s website.

An illustration on working of HDFC Banking ETF (the ETF)

HOW HDFC BANKING ETF (the ETF) WORKS


2. Transaction handling charges include brokerage, Securities transaction tax, regulatory charges if any, depository participant charges, uploading charges and such other charges that the mutual fund may have to incur in the course of cash subscription/redemption or accepting the Portfolio Deposit or for giving a portfolio of securities as consideration for a redemption request. Such transaction handling charges shall be recoverable

from the transacting Authorized Participant or Large Investor.

3. The Portfolio Deposit and / or Cash Component for the ETF may change from time to time due to change in NAV.

4. The Fund may from time to time change the size of the Creation Unit in order to equate it with marketable lots of the underlying securities.

The procedure relating to purchase and sale of units by different types of investors/participants in the Scheme during continuous offer is tabulated for easy reference:

Type of investor and transaction details

Sale of units by Mutual Fund Redemption of units by Unit holders

Authorized Participants/ Large Investor

Other investors

Any Business Day in Creation Unit* Size and in multiple thereof.

Only through stock exchange(s)

Any Business Day in Creation Unit* Size and in multiple thereof.

Only through stock exchange(s).

Role of Authorised Participant Gives two way quotes in the secondary market. Stands as a seller for a buy order.

Gives two-way quotes in the second-ary market. Stands as a buyer against a sell order.

Role of Large Investor Only an investor – no other role in the Scheme operations.

Each Creation Unit size consists of 12,500 units of the ETF and 1 unit of the ETF will be approximately equal to the 1/100th value of the NIFTY Bank Index.

DEBT MARKET IN INDIAThe instruments available in Indian Debt Market are classified into two categories, namely Government and Non– Government debt. The following instruments are available in these categories:A] Government Debt -l Central Government Debtl Treasury Billsl Dated Government Securities n Coupon Bearing Bonds n Floating Rate Bonds n Zero Coupon Bondsl State Government Debt n State Government Loans n Coupon Bearing BondsB] Non-Government Debtl Instruments issued by Government Agencies and other

Statutory Bodies n Government Guaranteed Bonds n PSU Bondsl Instruments issued by Public Sector Undertakings n Commercial Paper n PSU Bonds n Fixed Coupon Bonds n Floating Rate Bonds n Zero Coupon Bondsl Instruments issued by Banks and Development Financial

Institutions n Certificates of Deposit n Promissory Notes

n Bonds n Fixed Coupon Bonds n Floating Rate Bonds n Zero Coupon Bondsl Instruments issued by Corporate Bodies n Commercial Paper n Non-Convertible Debentures n Fixed Coupon Debentures n Floating Rate Debentures n Zero Coupon Debentures n Pass Through SecuritiesActivity in the Primary and Secondary Market is dominated by Central Government Securities including Treasury Bills. These instruments comprise close to 60% of all outstanding debt and close to 75% of the daily trading volume on the Wholesale Debt Market Segment of the National Stock Exchange of India Limited. In the money market, activity levels of the Government and Non-Government Debt vary from time to time. Instruments that comprise a major portion of money market activity include:n Overnight Calln Repo / Reverse Repo Agreementsn Tri-Party Repos (TREPs)n Treasury Billsn Government Securities with a residual maturity of < 1 yearn Commercial Papern Certificates of Depositn Commercial Bills, Usance BillsThough not strictly classified as Money Market Instruments, PSU / DFI / Corporate paper with a residual maturity of < 1 year, are actively traded and offer a viable investment option.


The following table gives approximate yields prevailing during the month of July 15, 2020 on some of the instruments. These yields are indicative and do not indicate yields that may be obtained in future as interest rates keep changing consequent to changes in macro economic conditions and RBI policy.

Instrument Yield Range (% per annum)

Inter bank Call Money 2.00 - 4.0091 Day Treasury Bill 3.12 - 3.31364 Day Treasury Bill 3.36 - 3.54A1 + Commercial Paper 90 Days 3.40 - 3.755 Year Government of India Security 4.84 - 5.4610 Year Government of India Security 5.76 - 5.9215 Year Government of India Security 6.31 - 6.461 Year Corporate Bond - AAA Rated 4.18 - 4.503 Year Corporate Bond - AAA Rated 5.02 - 5.285 Year Corporate Bond - AAA Rated 5.18 - 5.89

Source : BloombergThese yields are indicative and do not indicate yields that may be obtained in future as interest rates keep changing consequent to changes in macro economic conditions and RBI policy. The price and yield on various debt instruments fluctuate from time to time depending upon the macro economic situation, inflation rate, overall liquidity position, foreign exchange scenario etc.Also, the price and yield vary according to maturity profile, credit risk etc. Generally, for instruments issued by a non-Government entity (corporate / PSU bonds), the yield is higher than the yield on a Government Security with corresponding maturity. The difference, known as credit spread, depends on the credit rating of the entity.D. WHERE WILL THE SCHEME INVEST?Investment in equity and equity related instruments: The Scheme would invest in stocks constituting the NIFTY Bank Index in the similar proportion (weightage) as in the Index and endeavor to track the underlying index. Investment in Debt and Money Market instruments: The Scheme shall also invest in a range of Debt & Money Market instruments. These instruments are more specifically highlighted below: Debt instruments (in the form of non-convertible debentures, bonds, secured premium notes, zero interest bonds, deep discount bonds, floating rate bond / notes, pass through certificates, asset backed securities, mortgage backed securities and any other domestic fixed income securities including structured obligations etc.) include, but are not limited to:1. Debt issuances of the Government of India, State and local

Governments, Government Agencies and statutory bodies (which may or may not carry a state / central government guarantee),

2. Debt Instruments that have been guaranteed by Government of India and State Governments,

3. Debt Instruments issued by Corporate Entities (Public / Private sector undertakings),

4. Debt Instruments issued by Public / Private sector banks and development financial institutions.

Money Market Instruments include:1. Commercial papers2. Commercial Bills, Usance Bills3. Treasury bills

4. Government securities having an unexpired maturity upto one year

5. Tri-Party Repos (TREPs)6. Certificate of deposit7. Permitted securities under a repo / reverse repo agreementThe Scheme may invest in other Schemes managed by the AMC or in the Schemes of any other mutual funds, provided it is in conformity with the investment objectives of the Scheme and in terms of the prevailing SEBI (MF) Regulations. As per the SEBI (MF) Regulations, no investment management fees will be charged for such investments and the aggregate inter Scheme investment made by all the Schemes of HDFC Mutual Fund or in the Schemes of other mutual funds shall not exceed 5% of the net asset value of the HDFC Mutual Fund.Trading in Derivatives The Scheme may take derivatives position based on the opportunities available subject to the guidelines provided by SEBI from time to time and in line with the overall investment objective of the Scheme. The Fund has to comply with the prescribed disclosure requirements.The Scheme intend to use derivatives mainly for the purpose of hedging and portfolio balancing. Losses may arise as a result of using derivatives, but these are likely to be compensated by the gains on the underlying cash instruments held by the Scheme. The Scheme will not assume any leveraged exposure to derivatives.Hedging does not mean maximisation of returns but only reduction of systematic or market risk inherent in the investment. The Scheme intend to take position in derivative instruments like Futures, Options, and such other derivative instruments as may be permitted by SEBI from time to time.Pursuant to SEBI Circular No. DNPD/Cir-29/2005 dated September 14, 2005, as may be amended from time to time, the Scheme(s) shall be treated as Trading Members at par with a registered FPI in respect of position limits in index futures, index options, stock options and stock futures contracts.Derivatives can be traded over the exchange or can be structured between two counter-parties. Those transacted over the exchange are called Exchange Traded derivatives whereas the other category is referred to as OTC (Over the Counter) derivatives. Some of the differences of these two derivative categories are as under:Exchange traded derivatives: These are quoted on the exchanges like any other traded asset class. The most common amongst these are the Index Futures, Index Options, Stock Futures and Options on individual equities / securities. The basic form of the futures contract is similar to that of the forward contract, a futures contract obligates its owner to purchase a specified asset at a specified exercise price on the contract maturity date. Futures are cash-settled and are traded only in organised exchanges. Exchange traded derivatives are standardised in terms of amount and delivery date. Standardisation and transparency generally ensures a liquid market together with narrower spreads. On the other hand, for delivery dates far in the future, there may be insufficient liquidity in the futures market whereas an OTC price may be available.OTC derivatives: OTC derivatives require the two parties engaging in a derivatives transaction to come together through a process of negotiation. It is a derivative that is customised in terms of structure, amount, tenor, underlying assets, collateral etc. Some of the common examples are interest rate and currency swaps, Forward Rate Agreements (FRAs) etc.


Position LimitsThe position limits for trading in derivatives by Mutual Funds specified by SEBI vide SEBI Circular No. DNPD/Cir-29/2005 dated September 14, 2005, SEBI Circular No. DNPD/Cir -30/2006 dated January 20, 2006 and SEBI Circular No. SEBI/DNPD/Cir-31/2006 dated September 22, 2006 are as follows:i. Position limit for Mutual Funds in index options contracts

a. The Mutual Fund position limit in all index options contracts on a particular underlying index shall be Rs. 500 crore or 15% of the total open interest of the market in index options, whichever is higher, per Stock Exchange.

b. This limit would be applicable on open positions in all options contracts on a particular underlying index.

ii. Position limit for Mutual Funds in index futures contracts a. The Mutual Fund position limit in all index futures

contracts on a particular underlying index shall be Rs. 500 crore or 15% of the total open interest of the market in index futures, whichever is higher, per Stock Exchange.

b. This limit would be applicable on open positions in all futures contracts on a particular underlying.

iii. Additional position limit for hedging In addition to the position limits at point (i) and (ii) above,

Mutual Funds may take exposure in equity index derivatives subject to the following limits : 1. Short positions in index derivatives (short futures, short

calls and long puts) shall not exceed (in notional value) the Mutual Fund’s holding of stocks.

2. Long positions in index derivatives (long futures, long calls and short puts) shall not exceed (in notional value) the Mutual Fund’s holding of cash, government securities, T-Bills and similar instruments.

iv. Position limit for Mutual Funds for stock based derivative contracts

The Mutual Fund position limit in a derivative contract on a particular underlying stock, i.e. stock option contracts and stock futures contracts will be as follows :-- The combined futures and options position limit shall

be 20% of the applicable Market Wide Position Limit (MWPL).

v. Position limit for each Scheme of a Mutual Fund The Scheme-wise position limit requirements shall be :

1. For stock option and stock futures contracts, the gross open position across all derivative contracts on a particular underlying stock of a Scheme of a mutual fund shall not exceed the higher of:

1% of the free float market capitalization (in terms of number of shares). or

5% of the open interest in the derivative contracts on a particular underlying stock (in terms of number of contracts).

2. This position limits shall be applicable on the combined position in all derivative contracts on an underlying stock at a Stock Exchange.

3. For index based contracts, Mutual Funds shall disclose the total open interest held by its Scheme or all Schemes put together in a particular underlying index, if such open interest equals to or exceeds 15% of the open interest of all derivative contracts on that underlying index.

Exposure Limits The exposure limits for trading in derivatives by Mutual Funds

specified by SEBI vide its Circular No. Cir/IMD/DF/11/2010 dated August 18, 2010 are as follows: 1. The cumulative gross exposure through equity, debt and

derivative positions should not exceed 100% of the net assets of the Scheme.

2. Mutual Funds shall not write options or purchase instruments with em-bedded written options.

3. The total exposure related to option premium paid must not exceed 20% of the net assets of the Scheme.

4. Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure.

5. Exposure due to hedging positions may not be included in the above mentioned limits subject to the following: a. Hedging positions are the derivative positions that

reduce possible losses on an existing position in securities and till the existing position remains.

b. Hedging positions cannot be taken for existing derivative positions. Exposure due to such positions shall have to be added and treated under limits mentioned in Point 1.

c. Any derivative instrument used to hedge has the same underlying security as the existing position being hedged.

d. The quantity of underlying associated with the derivative position taken for hedging purposes does not exceed the quantity of the existing position against which hedge has been taken.

6. Mutual Funds may enter into plain vanilla interest rate swaps for hedging purposes. The counter party in such transactions has to be an entity recognized as a market maker by RBI. Further, the value of the notional principal in such cases must not exceed the value of respective existing assets being hedged by the Scheme. Exposure to a single counterparty in such transactions should not exceed 10% of the net assets of the Scheme.

7. Exposure due to derivative positions taken for hedging purposes in excess of the underlying position against which the hedging position has been taken, shall be treated under the limits mentioned in point 1.

8. Definition of Exposure in case of Derivative Positions Each position taken in derivatives shall have an

associated exposure as defined under. Exposure is the maximum possible loss that may occur on a position. However, certain derivative positions may theoretically have unlimited possible loss. Exposure in derivative positions shall be computed as follows:

Position Exposure

Long Future Futures Price * Lot Size * Number of Contracts

Short Future Futures Price * Lot Size * Number of Contracts

Option Bought Option Premium Paid * Lot Size * Number of Contracts

In terms of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated March 18, 2016, NFO proceeds may be deployed in CBLO before the closure of NFO period. However, no investment management and advisory fees will be charged


on funds deployed in CBLOs during the NFO period. Further, the appreciation received from investment in CBLO shall be passed on to the investors. In case the minimum subscription amount is not garnered by the scheme during the NFO period, the interest earned upon investment of NFO proceeds in CBLO shall be returned to investors, in proportion of their investments, alongwith the refund of the subscription amount. Since CBLO has been replaced with TREPS by Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 issued by the Reserve Bank of India (RBI) vide notification No. RBI/ 2018-19/24–FMRD.DIRD.01/14.03.038/2018-19 dated July 24, 2018, NFO proceeds may be deployed in TREPS before the closure of NFO period.

E. WHAT ARE THE INVESTMENT STRATEGIES? INVESTMENT STRATEGY AND RISK CONTROLHDFC Banking ETF would invest in stocks comprising the underlying index and endeavor to track the benchmark index. The Fund may also invest in debt & money market instruments, in compliance with regulations to meet liquidity and expense requirements. HDFC Banking ETF endeavors to invest in stocks forming part of the underlying index in the same ratio as per the index to the extent possible and to that extent follows a passive investment strategy, except to the extent of meeting liquidity and expense requirements. Since the Scheme is an exchange traded fund, it will only invest in securities constituting the underlying index. However, due to corporate action in companies comprising the index, the Scheme may be allocated/allotted securities which are not part of the index. Such holdings would be rebalanced within 7 Business Days from the date of allotment / listing of such securities. As part of the Fund Management process, the Scheme may use derivative instruments such as index futures and options, or any other derivative instruments that are permissible or may be permissible in future under applicable regulations. However, trading in derivatives by the Scheme shall be for restricted purposes as permitted by the regulations.Though every endeavor will be made to achieve the objective of the Scheme, the AMC/Sponsors/Trustee do not guarantee that the investment objective of the Scheme will be achieved. No guaranteed returns are being offered under the Scheme.RISK CONTROLThe Scheme aims to track the NIFTY Bank Index as closely as possible before expenses. The index will be tracked on a regular basis and changes to the constituents or their weights, if any, will be replicated in the underlying portfolio with the purpose of minimizing tracking errors.ETF being a passive investment carries lesser risk as compared to active fund management. The portfolio would follow the index and therefore the level of stock concentration in the portfolio

and its volatility would be the same as that of the index, subject to tracking errors. Thus there would be no additional element of volatility or stock concentration on account of fund manager decisions. The fund manager would endeavor to keep cash levels at the minimal to control tracking errors.Strategies for Investment in DerivativesBasic Structure of an Index FutureIndex Futures are instruments designed to give exposure to the equity market indices. BSE Limited and the National Stock Exchange of India Limited have started trading in index futures of 1, 2 and 3 month maturities. The pricing of an index future is the function of the underlying index and short term interest rates.Example:Assumptions:1 month BSE 30 FutureSpot Index: 4900Future Price on day 1: 4920Fund buys 10,000 futures contractsOn Date of settlementFuture price = Closing spot price = 4950Profits for the Fund = (4950-4920)*10000 = Rs. 300,000 + interest for the 1 month periodPlease note that the above example is given for illustration purposes only.The net impact for the Fund will be in terms of the difference between the closing price of the index and cost price (ignoring margins for the sake of simplicity) plus interest costs on funds that would otherwise be invested in stocks constituting the index. The risks associated with index futures are similar to those associated with equity investments. Additional risks could be on account of illiquidity and/or mis pricing of the future at any time during the life of the contract.The strategies below are given for illustration purposes only. Some of the strategies involving derivatives that may be used by the Investment Manager, with an aim to protect capital and enhance returns include :Strategy Number 1• Using Index Futures to increase percentage investment

in equities This strategy will be used for the purpose of generating

returns on idle cash, pending its investment in equities. The Scheme is subject to daily flows. There may be a time lag between the inflow of funds and their deployment in stocks. If so desired, the Scheme would be able to take immediate exposure to equities via index futures. The position in index futures may be reversed in a phased manner, as the funds are deployed in the equity markets.


Example: The Scheme has a corpus of Rs. 50 crore and there is an

inflow of Rs. 5 crore in a day. The AMC may buy index futures

contracts of a value of Rs. 5 crore. Later as the money is deployed in the underlying equities, the value of the index futures contracts can be suitably reduced.

Portfolio Event Equity Portfolio Gain / (Loss) (Rs. in crore)

Derivative Gain / (Loss) (Rs. in crore)

Total Portfolio Gain / (Loss) (Rs. in crore)

Rs. 50 Crore Equity exposure 10% rise in equity prices 5 Nil 5

Rs. 50 Crore Equity exposure + Rs. 5 Crore long position index futures

10% rise in equity prices 5 0.5 5.5

Rs. 50 Crore Equity exposure 10% fall in equity prices (5) Nil (5)

Rs. 50 Crore Equity exposure + Rs. 5 Crore long position index futures

10% fall in equity prices (5) (0.5) (5.5)

effectively set a floor to the realisation from the stock at Rs. 975 per share (Rs. 990 strike price less Rs. 15 Option Premium paid).

In case the stock price of the company falls below Rs. 975 per share, the gain in the price of the Put Option when added to the actual market price of the stock would bring the sale realisation per share close to Rs. 975 per share.

After purchasing the above Put Option, in case the price of the stock appreciates, remains around Rs. 1000 or declines slightly to remain above the strike price, the Scheme may not avail of the option and the cost for having bought the option remains fixed at Rs. 15 per share.

In effect, a floor (in this case effectively Rs. 975) is set to the stock by buying an Option at a cost that is known (in this case Rs. 15 per share).

RISKS• Therecanbenoassurancethatreadyliquiditywouldexist

at all points in time, for the Scheme to purchase or close out a specific options contract.

• AhedgingstrategyusingPutOptionsisaperfecthedgeonthe expiration date of the put option. On other days, there may be (temporary) imperfect correlation between the share price and the put option.

Strategy Number 3

• UsingCall option on Index to increase percentageinvestment in equities.

This strategy will be used for the purpose of participating in the upside of the market.

Example:

Suppose, the Scheme has a corpus of Rs. 100 crore and the Scheme on January 31, 2020 buys upto maximum 20% of the net assets into Index call option wherein strike price of underlying benchmark index is 10,000 and the premium on each call option for expiry after 3 years i.e. February 1, 2023 was at Rs. 2,000.

RISKS

• The strategy of taking a long position in index futures increases the exposure to the market. The long position is positively correlated with the market. However, there is no assurance that the stocks in the portfolio and the index behave in the same manner and thus this strategy may not provide gains perfectly aligned to the movement in the index.

• Thelongpositionwillhaveasmuchloss/gainasintheunderlying index. e.g. if the index appreciates by 10%, the index future value rises by 10%. However, this is true only for futures contracts held till maturity. In the event that a futures contract is closed out before its expiry, the quoted price of the futures contract may be different from the gain / loss due to the movement of the underlying index. This is called the basis risk.

• While futuresmarkets are typicallymore liquid than theunderlying cash market, there can be no assurance that ready liquidity would exist at all points in time, for the Scheme to purchase or close out a specific futures contract.

Strategy Number 2

• Downside Protection Using Stock Put

As a stock hedging strategy, the purchase of a put option on an underlying stock held would lead to a capping of the loss in value of the stock in the event of a material decline in the stock’s price.

The purchase of a put option against a stock holding in the Scheme gives the Scheme the option of selling the stock to the writer of the put at the predetermined level of the Put Option, called the strike price. If the stock falls below this level, the downside for the Scheme is protected as it has already locked into the selling price. In case of a fall in the stock’s price below the strike price, the value of the Put Option appreciates, approximately corresponding to the extent of the stock’s price fall below the strike price.

Example: Let us assume 20000 shares of XYZ Limited held in the

portfolio with a market value of Rs. 1000 per share (overall Rs. 2 crores). The Scheme purchases put options on the stock of XYZ Limited (not exceeding its holding of 20000 shares) with a strike price of Rs. 990 for an assumed cost (called Option Premium) of Rs.15 per share (Rs. 3 lakhs for 20000 shares).

By purchasing the above Put Option, the Scheme has


Based on the above strategy the net assets of the Scheme will be as under:

Existing Scheme Net Assets

Revised Scheme Net Assets

Asset Type Rs. (incrores)

Asset Type Rs. (in crores)

Equity 70 Equity 70

Net Current

Assets

30 Option

Premium*

(20% of 100

crores)

20

Net Current Assets

10

Total Assets 100 Total Assets 100 * Option premium paid is to take an additional exposure

of around Rs. 100 crores of equities. Therefore, the total exposure to equity assets due to the said strategy will be around Rs. 170 crores (i.e. Rs. 70 crores + Rs. 100 crores).

Assuming the market index goes up the value of call option will increase. Thus, one can participate in the upside of the market as shown in the table below.

Date Closing value of underlying benchmark index

Call Premium/ value at expiry (Rs.)

31/01/2020 10,000 2,000

February 1, 2023 12,400 2,400

Thus, the gain on the above strategy for the Scheme will be Rs. 400 (Rs. 2,400 - Rs. 2,000) on each call option

RISKS

• Thestrategyoftakingalongpositioninindexcalloptionincreases the exposure to the market. The long position is positively correlated with the market. However, there is no assurance that the stocks in the portfolio and the index behave in the same manner and thus this strategy may not provide gains perfectly aligned to the movement in the index.

• Therisk/downside, if themarket falls/remains flat isonlylimited to the option premium paid.

• Thelongpositionwillhaveasmuchloss/gainasintheunderlying index. For e.g. if the index appreciates by 10%, the index options value rises by 10%. However, this is true only for options held till maturity.

• While optionmarkets are typically less liquid than theunderlying cash market, hence there can be no assurance that ready liquidity would exist at all points in time, for the Scheme to purchase or close out a specific contract.

Strategy Number 4

• UsingPut optionon Index tominimizedownside inequities

This strategy will be used for the purpose of hedging against downside in the market and capping the maximum loss in such a scenario.

Example:

Suppose, the Scheme has a corpus of Rs 100 crore and the Scheme on January 31, 2020 buys 6% of the net assets into At-the-money Index put option wherein strike price of underlying benchmark index having expiry February 1, 2023

index put option is Rs 10,000, bought at a premium of Rs. 600.

Based on the above strategy the net assets of the Scheme will be as under:

Existing Scheme Net Assets

Revised Scheme Net Assets

Asset Type Rs. (incrores)

Asset Type Rs. (in crores)

Equity 100 Equity 94

Option

Premium*

6

Total Assets 100 Total Assets 100 * Option premium paid is to take downside exposure to Rs

94 crore in underlying benchmark index. Therefore, the total exposure to long equities is Rs 94 crore and participation in downside of underlying benchmark index is Rs 94 crore through the option.

Date Closing value of underlying benchmark index

Put Premium/ value at expiry (Rs.)

31/01/2020 10,000 600

February 1, 2023

9,000 1,000

Thus, the gain on the above strategy for the Scheme will be Rs. 400 (Rs. 1,000 - Rs. 600) on each call option

RISKS

• Thestrategyoftakingalongpositioninindexputoptionhedges a portfolio of long only stocks/funds against potential markets falls. The long position in the put option is negatively correlated with the market. However, there is no assurance that the stocks in the portfolio and the index behave in the same manner and thus this strategy may not provide gains perfectly aligned to the movement in the index.

• Therisk/downside,iftheindexremainsabovethestrikepriceis only limited to the option premium paid.The premium paid is the maximum downside to the portfolio. There is positive return in the put strategy only if the index falls below the strike price.

• Thelongpositionwillhaveasmuchloss/gainasthereverseof the underlying index. For e.g. if the index depreciates by 10%, the index options value rises by 10%. However, this is true only for options held till maturity.

• While optionmarkets are typically less liquid than theunderlying cash market, there can be no assurance that ready liquidity would exist at all points in time, for the Scheme to purchase or close out a specific contract.

PORTFOLIO TURNOVERPortfolio Turnover measures the volume of trading that occurs in a Scheme’s portfolio during a given time period. The Scheme is an open-ended Exchange Traded Fund and it is expected that there may be a number of subscriptions and repurchases on a daily basis through Stock Exchange(s) or Authorised Participants and Large Investors. Generally, turnover will depend upon the extent of purchase and redemption of units and the need to rebalance the portfolio on account of change in the composition, if any, and corporate actions of securities included in NIFTY Bank Index. However, it will be the endeavour of the Fund Manager to maintain an optimal portfolio turnover rate commensurate with the investment objective of the Scheme and the purchase/


redemption transactions on an ongoing basis in the Scheme.TRACKING ERRORTracking Error may arise due to reasons including but not limited to the following: - a. Expenditure incurred by the fund. b. The holding of a cash position and accrued income prior to

distribution of income and payment of accrued expenses.The fund may not be invested at all times as it may keep a portion of the funds in cash to meet redemptions or for corporate actions.

c. Securities trading may halt temporarily due to circuit filters. d. Corporate actions such as debenture or warrant conversion,

rights, merger, change in constituents etc. e. Rounding off of quantity of shares in underlying index. f. Dividend received from underlying securitiesg. Disinvestments by Scheme to meet redemptions, recurring

expenses, dividend payouts etc. h. Execution of large buy / sell orders i. Transaction cost (including taxes and insurance premium)

and recurring expenses j. Realisation of Unit holders’ funds It will be the endeavor of the fund manager to keep the tracking error as low as possible. Under normal circumstances, such tracking error is not expected to exceed 2% per annum for daily 12 month rolling return. However, in case of events like, dividend received from underlying securities, rights issue from underlying securities, and market volatility during rebalancing of the portfolio following the rebalancing of the underlying index, etc. or in abnormal market circumstances, the tracking error may exceed the above limits. There can be no assurance or guarantee that the Scheme will achieve any particular level of tracking error relative to performance of the Index. INVESTMENT DECISIONSThe Investment Committee comprising Chief Investment Officer (CIO), Fund Manager(s) - Equities (for equity related matters), Fund Manager(s) - Debt (for debt related matters) and Chief Compliance Officer will inter alia lay down the Fund’s investment philosophy, policy and processes / procedures, review the performance / portfolios of the Schemes, monitor the credit ratings of debt exposures, etc. Fund Manager(s) shall be responsible for taking investment / divestment decisions for their respective Scheme and for adhering to the Fund’s investment philosophy, policy and processes / procedures. Investment decisions shall be recorded by the respective Fund Manager(s) along with reasons for the same. Research reports, both internal and external, covering inter alia factors like business outlook, financial analysis, valuation, etc. shall assist the Fund Manager(s) in the decision making. Credit exposure limits shall be set and reviewed by the Head of Credit, Fund Manager(s) - Debt and the CIO. The Executive Director & Chief Investment Officer and the Investment Committee report to the Managing Director. Investment decisions are taken by the Fund Manager(s) of the respective Scheme and the Managing Director does not play any role in the day-to-day investment decisions. The Managing Director of the AMC shall ensure that the investments made by the Fund Managers are in the interest of the Unit holders. Periodic presentations will be made to the Board of Directors of the AMC and Trustee Company to review the performance of the Scheme.INVESTMENT BY THE AMC IN THE Scheme The AMC may invest in the Scheme during the New Fund Offer Period and / or during continuous offer period subject to the SEBI (MF) Regulations. The AMC may also invest in existing Schemes

of the Mutual Fund. As per the existing SEBI (MF) Regulations, the AMC will not charge Investment Management and Advisory fee on the investment made by it in the Scheme or other existing Schemes of the Mutual Fund. F. CREATION OF SEGREGATED PORTFOLIO In order to ensure fair treatment to all investors in case of

a Credit Event and to deal with liquidity risk, SEBI vide its circular no. SEBI/HO/IMD/DF2/CIR/P/2018/160 dated December 28, 2018, as amended from time to time has allowed creation of Segregated Portfolio of debt and money market instruments by mutual fund schemes. Creation of Segregated Portfolio shall be optional and at the sole discretion of the asset management company.

The salient features of creation of Segregated Portfolio are as follows:

The term ‘Segregated Portfolio’ shall mean a portfolio, comprising debt or money market instrument affected by a Credit Event, that has been segregated in a mutual fund scheme.

The term ‘Main Portfolio’ shall mean the scheme portfolio excluding the Segregated Portfolio.

The term ‘Total Portfolio’ shall mean the scheme portfolio including the securities affected by the Credit Event.

The AMC at its sole option and discretion may create Segregated Portfolio in the Scheme, with the approval of the Trustees, subject to the following:

Segregated portfolio may be created, in case of a Credit Event at issuer level i.e. downgrade in credit rating by a SEBI registered Credit Rating Agency (CRA), as under:a) Downgrade of a debt or money market instrument to

‘below investment grade’, orb) Subsequent downgrades of the said instruments from

‘below investment grade’, orc) Similar such downgrades of a loan rating; ord) Any other scenario as permitted by SEBI from time to

time. In case of difference in rating by multiple CRAs, the most

conservative rating shall be considered. Creation of Segregated Portfolio shall be based on issuer level credit events as detailed above and implemented at the ISIN level.

Further, Segregated Portfolio may be created of unrated debt or money market instruments of an issuer that does not have any outstanding rated debt or money market instruments but only in case of actual default of either the interest or principal amount and subject to guidelines prescribed by SEBI in this behalf from time to time.

It may be noted that even for the same security (ISIN level) held by multiple Schemes, the AMC, in its sole discretion, may decide to segregate the portfolio only for select Schemes

It may be noted that notwithstanding the above, segregation of portfolio may be effected in such events and in such manner as may be permitted by SEBI whether by changes to circulars or guidelines in this behalf or by way of clarifications issued thereto from time to time or in any other manner.

Process for creation of Segregated Portfolio:a) In case the AMC decides on creation of Segregated

Portfolio on the day of a credit event it shall:i. seek approval of trustees prior to creation of the

Segregated Portfolio.


ii. immediately issue a press release disclosing its intention to segregate such debt and money market instrument and its impact on the investors and also disclose that the segregation shall be subject to trustee approval. Additionally, the said press release shall be prominently disclosed on the website of HDFC Mutual Fund (“the Fund”).

iii. ensure that till the time the trustee approval is received, which in no case shall exceed 1 business day from the day of credit event, the subscription and redemption in the scheme(s) shall be suspended for processing with respect to creation of units and payment on redemptions.

b) Once trustee approval is received by the AMC for creating Segregated Portfolio in the Scheme(s):i. Segregated Portfolio shall be effective from the

day of credit eventii. The AMC shall issue a press release immediately

with all relevant information pertaining to the Segregated Portfolio. An e-mail or SMS shall be sent to all unit holders of the concerned scheme(s).

iii. The NAV of both segregated and Main Portfolio of the Scheme(s) shall be disclosed from the day of the credit event.

iv. All existing investors in the scheme(s) as on the day of the credit event shall be allotted equal number of units in the Segregated Portfolio as held in the Main Portfolio.

v. No redemption and subscription shall be allowed in the Segregated Portfolio. However, in order to facilitate exit to unit holders in Segregated Portfolio, the AMC shall enable listing of units of Segregated Portfolio on the recognized stock exchange within 10 working days of creation of Segregated Portfolio and also enable transfer of such units held in demat mode on receipt of transfer requests.

c) If the trustees do not approve the proposal to Segregate Portfolio, the AMC shall issue a press release immediately informing investors of the same.

Valuation and processing of subscriptions and redemptionsa) Notwithstanding the decision to segregate the debt

and money market instrument, the valuation shall take into account the credit event and the portfolio shall be valued based on the principles of fair valuation (i.e. realizable value of the assets) in terms of the relevant provisions of SEBI (Mutual Funds) Regulations, 1996 and Circular(s) issued thereunder.

b) All subscription and redemption requests for which NAV of the day of credit event or subsequent day is applicable will be processed as per the existing circular on applicability of NAV as under:i. Upon trustees’ approval to create a Segregated

Portfolio -• Investors redeeming their units will get

redemption proceeds based on the NAV of Main Portfolio and will continue to hold the units of Segregated Portfolio.

• Investors subscribing to thescheme(s)willbe allotted units only in the Main Portfolio based on its NAV.

ii. In case trustees do not approve the proposal of Segregated Portfolio, subscription and redemption applications will be processed based on the NAV of total portfolio.

TER for the Segregated Portfolioa) The AMC will not charge investment and advisory fees

on Segregated Portfolio. However, TER (excluding the investment and advisory fees) may be charged, on a pro-rata basis only upon recovery of the investments in Segregated Portfolio.

b) The TER so levied shall not exceed the simple average of such expenses (excluding the investment and advisory fees) charged on daily basis on the Main Portfolio (in % terms) of the scheme(s) during the period for which Segregated Portfolio was in existence.

c) The legal charges related to recovery of the investments of the Segregated Portfolio may be charged to the Segregated Portfolio in proportion to the amount of recovery. However, the same shall be within the maximum TER limit as applicable to the Main Portfolio. The legal charges in excess of the TER limits, if any, shall be borne by The AMC.

d) The costs related to Segregated Portfolio shall in no case be charged to the Main Portfolio.

Periodic Disclosures: In order to enable the existing as well as the prospective

investors to take informed decision, inter alia the following disclosures shall be made:a) A statement of holding indicating the units held by the

investors in the Segregated Portfolio along with the NAV of both Segregated Portfolio and Main Portfolio as on the day of the credit event shall be communicated to the investors within 5 working days of creation of the Segregated Portfolio.

b) Adequate disclosure of the Segregated Portfolio shall appear in the scheme related documents, in monthly and half-yearly portfolio disclosures and in the annual report of the Scheme.

c) Net Asset Value (NAV) of Segregated Portfolio, if any, shall be declared on daily basis.

d) Investors of the Segregated Portfolio shall be duly informed of the recovery proceedings of the investments of the Segregated Portfolio. Status update may be provided to the investors at the time of recovery and also at the time of writing-off of the segregated securities.

Risk factors associated with Creation of Segregated Portfolioa) Investor holding units of Segregated Portfolio may not

able to liquidate their holding till the time recovery of money from the issuer.

b) Security comprises of Segregated Portfolio may not realise any value.

c) Listing of units of Segregated Portfolio in recognised stock exchange does not necessarily guarantee their liquidity. There may not be active trading of units in the stock market. Further trading price of units on the stock market may be significantly lower than the prevailing NAV.


Given below is an illustration explaining the segregation of portfolio:

Scheme Portfolio before the Credit Event

Assets Amount (Rs.)

Debt A 50,000

Debt B 50,000

Debt C 50,000

Net Assets 1,50,000 Assuming number of units outstanding is 10,000 units NAV = Net Assets / No of units = 150,000/10,000=

Rs.15/- There is a credit event in one of the Security (Debt C). Due

to credit event the Debt C is valued at Rs. 25,000/- in line with extant SEBI regulations on valuation of such securities. AMC decides to segregate portfolio by segregating exposure in Debt C. The resultant split will be as follows:

Scheme Main Portfolio

Assets Amount (Rs.)

Debt A 50,000

Debt B 50,000

Net Assets 100,000 NAV (Main Portfolio) = 100,000/10,000= Rs.10/- Scheme Segregated Portfolio

Assets Amount (Rs.)

Debt C 25,000

Net Assets 25,000 NAV (Segregated Portfolio) = Rs. 25,000/10,000= Rs.2.5/- Investor (having 1000 units) will see his scheme

holdings as follows:

Particulars Before Credit Event

After Credit Event

Main Portfolio

Segregated Portfolio

Market Value of Units (Rs.)

15,000 10,000 2500

No of Units 1000 1000 1000

NAV per uni t (Rs.)

15.00 10.00 2.50

Monitoring by Trustees In order to ensure timely recovery of investments of a

Segregated Portfolio, if any, trustees would continuously monitor the progress and take suitable action as may be required.

In order to avoid mis-use of Segregated Portfolio, Trustees will ensure to have a mechanism in place to negatively impact the performance incentives of Fund Managers, Chief Investment Officers (CIOs), etc. involved in the investment process of securities under the Segregated Portfolio, mirroring the existing mechanism for performance incentives of the AMC, including claw back of such amount to the Segregated Portfolio of the scheme.

G. FUNDAMENTAL ATTRIBUTES Following are the Fundamental Attributes of the Scheme, in

terms of Regulation 18 (15A) of the SEBI (MF) Regulations: (i) Type of a Scheme

An open ended Scheme replicating/tracking NIFTY Bank Index

(ii) Investment Objective l Main Objective of the Scheme is to provide

investment returns that, before expenses, closely correspond to the total returns of the Securities as represented by the NIFTY Bank Index (Total Returns Index)subject to tracking errors. Please refer to section ‘What is the Investment Objective of the Scheme?’ on Page 20.

l Investment pattern - Please refer to section ‘How will the Scheme Allocate its Assets?’ on Page 20.

(iii) Terms of Issue (a) Liquidity provisions such as listing, repurchase,

redemption. Please refer provision on ‘Liquidity’ on

Page 4 and ‘Listing’ on Page 40 for details. b) Aggregate Fees and Expenses charged to the Scheme Please refer to section ‘Fees and Expenses’ on

Page 55 for details. c) Any safety net or guarantee provided This Scheme does not provide any guaranteed

or assured return. Changes in Fundamental Attributes In accordance with Regulation 18 (15A) of the SEBI (MF)

Regulations, the Trustee shall ensure that no change in the fundamental attributes of the Scheme and the Plan(s)/ Option(s) thereunder or the trust or fee and expenses payable or any other change which would modify the Scheme and the Plan(s)/ Option(s) thereunder and affect the interest of Unit holders is carried out unless:

l A written communication about the proposed change is sent to each Unit holder and an advertisement is given in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of the region where the Head Office of the Mutual Fund is situated; and

l The Unit holders are given an option for a period of 30 days to exit at the prevailing Net Asset Value without any Exit Load.

H. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE?

The Benchmark for the Scheme will be the NIFTY Bank Index. The same has been chosen as the Scheme will predominantly

invest in stocks which are constituents of NIFTY Bank Index. Thus, the composition of the aforesaid benchmark is such that it is most suited for comparing the performance of the Scheme.

In accordance with the investment objective and tracking error definition, the Scheme performance will be compared with the total returns of NIFTY Bank Index.

I. ABOUT THE UNDERLYING INDEX Nifty Bank Index is an index comprising the most liquid and

large capitalised Indian Banking stocks, the index captures the capital market performance of Indian Banks. The index


has 12 stocks from the banking sector which trade on the National Stock Exchange.

Stock Selection Criteria• Companies rankedwithin top 800 based on both

average daily turnover and average daily full market capitalisation based on previous six months’ period data

• Companies should form part of respective sectoruniverse.

• Thecompany’stradingfrequencyshouldbeatleast90% in the last six months.

• Thecompanyshouldhavealistinghistoryof6months.A company which comes out with an IPO will be eligible for inclusion in the index, if it fulfils the normal eligibility criteria for the index for a 3-month period instead of a 6-month period.

• In case ofNIFTY Bank index, companies that areallowed to trade in F&O segment at NSE are only eligible to be a constituent of the index.

Constituent Capping Weights of each stock in the index will be calculated based

on its free-float market capitalization such that no single stock shall be more than 34% and weights of top 3 stocks cumulatively shall not be more than 63% at the time of rebalancing.

The review will take place on a semi-annual basis. Further, on a quarterly basis index will be screened for

compliance with the portfolio concentration norms for ETFs/ Index Funds announced by SEBI on January 10, 2019.

In accordance with SEBI Circular SEBI/HO/IMD/DF3/ CIR/P/2019/011 dated January 10, 2019, the Index shall comply with the following portfolio concentration norms: (a) The Index shall have a minimum of 10 stocks as its

constituents. (b) No single stock shall have more than 35% weight in

the Index. (c) The weightage of the top three constituents of the Index,

cumulatively shall not be more than 65% of the Index. (d) The individual constituent of the index shall have a

trading frequency greater than or equal to 80% and an average impact cost of 1% or less over previous six months.

The Scheme shall monitor compliance with the aforesaid norms by the Index at the end of every calendar quarter.

Further, the updated constituents of the Index will be made available on the website of the Fund.

Constituents Details as on July 15, 2020

Source: IISL

Sr. No. Stock Name Weightage (%)

1 HDFC BANK LTD. 27.4

2 ICICI BANK LTD. 18.4

3 KOTAK MAHINDRA BANK LTD. 15.5

4 AXIS BANK LTD. 15.3

5 STATE BANK OF INDIA 11.2

6 INDUSIND BANK LTD. 4.8

7 BANDHAN BANK LTD. 2.2

8 FEDERAL BANK LTD. 1.6

9 RBL BANK LTD. 1.2

10 BANK OF BARODA 0.9

11 IDFC FIRST BANK LTD. 0.7

12 PUNJAB NATIONAL BANK 0.7


J. WHO MANAGES THE SCHEME? The details of Fund Manager of the Scheme is as follows:

Name & Age Educational Qualifications

Experience (last 10 years) Fund(s) Managed

Mr. Krishan Kumar Daga48 years

B.Com. Collectively over 24 years experience in Fund Management and Research

l September 1, 2015 till Date: HDFC Asset Management Company Limited

l February 1, 2008 to August 31, 2015: Reliance Capital Asset Management Company Limited

Last Position Held - Fund Manager / Head - ETF

l July 17, 2007 to January 31, 2008: Reliance Capital Ltd

Last Position Held - Vice President

l June 15, 2005 to July 16, 2007: Deutsche Equities

Last Position Held - Vice President

l HDFC Arbitrage Fundl HDFC Equity Savings Fund

(Arbitrage Assets)l HDFC Gold ETFl HDFC Gold Fund (FOF)l HDFC Index Fund - NIFTY 50

Planl HDFC Index Fund - SENSEX

Planl HDFC Multi-Asset Fund (Gold

and Arbitrage Assets)l HDFC NIFTY 50 ETFl HDFC SENSEX ETF

K. WHAT ARE THE INVESTMENT RESTRICTIONS? As per the Regulations, the following investment restrictions

are currently applicable to the Scheme: l The Mutual Fund shall buy and sell securities on the

basis of deliveries and shall in all cases of purchases, take delivery of relevant securities and in all cases of sale, deliver the securities.

l The mutual fund shall get the securities purchased or transferred in the name of the mutual fund on account of the concerned Scheme, wherever investments are intended to be of long-term nature

l The Mutual Fund may enter into derivatives transactions in a recognized stock exchange,subject to the framework specified by SEBI.

l Save as otherwise expressly provided under SEBI (MF) Regulations, the Mutual Fund shall not advance any loans for any purpose.

l The mutual fund shall not borrow except to meet temporary liquidity needs of the mutual funds for the purpose of repurchase, redemption of units or payment of interest or dividend to the unitholders. Provided that mutual fund shall not borrow more than 20 per cent of the net asset of the Scheme and the duration of such a borrowing shall not exceed a period of six months.

l The Mutual Fund shall enter into transactions relating to Government Securities only in dematerialised form.

l As per SEBI (MF) Regulations, the mutual fund under all its Scheme(s) will not own more than 10% of any company’s paid up capital carrying voting rights.

Provided that the Sponsor of the Fund, its associate or group company including the asset management company of the Fund, through the Scheme(s) of the Fund or otherwise, individually or collectively, directly or indirectly, shall not have 10% or more of the share-holding or voting rights in the asset management company or the trustee company of any other mutual fund.

Provided further that in the event of a merger, acquisition, scheme of arrangement or any other arrangement involving the sponsors of the mutual

funds, shareholders of the asset management companies or trustee companies, their associates or group companies which results in the incidental acquisition of shares, voting rights or representation on the board of the asset management companies or trustee companies beyond the above specified limit, such exposure may be rebalanced within a period of one year of coming into force of such an arrangement.

l Transfer of investments from one Scheme to another Scheme in the same mutual fund, shall be allowed only if:-

a) such transfers are made at the prevailing market price for quoted Securities on spot basis.

Explanation: spot basis shall have the same meaning as specified by Stock Exchange for spot transactions.

Provided that inter scheme transfer of money market or debt security (irrespective of maturity) shall take place based on prices made available by valuation agencies as prescribed by SEBI from time to time.

b) the securities so transferred shall be in conformity with the investment objective of the Scheme to which such transfer has been made.

l The Scheme may invest in another Scheme(s) under the same AMC or any other mutual fund without charging any fees, provided that aggregate inter-Scheme investment made by all Schemes under the same AMC or in Schemes under the management of any other asset management shall not exceed 5% of the net asset value of the Mutual Fund. Provided that the Scheme shall not invest in any fund of funds scheme.

l Pending deployment of funds of the Scheme in securities in terms of the investment objectives of the Scheme, the Fund may invest the funds of the Scheme in short term deposits of scheduled commercial banks subject to the following guidelines as specified by SEBI. l “Short Term” for parking of funds shall be treated

as a period not exceeding 91 days.l Short Term deposits shall be held in the name of

the Scheme.


l Total investment of the Scheme in short term deposit(s) of all the Scheduled Commercial Banks put together shall not exceed 15% of the net assets. However, this limit can be raised upto 20% of the net assets with prior approval of the Board of Trustees.

l Investments in short term deposits of associate and sponsor scheduled commercial banks together shall not exceed 20% of total deployment by the Mutual Fund in short term deposits.

l The Scheme shall not invest more than 10% of the net assets in short term deposit(s) of any one scheduled commercial bank including its subsidiaries.

l The Scheme shall not invest in short term deposit of a bank which has invested in the Scheme. Trustees/ AMC shall also take steps to ensure that a bank in which the Scheme has short term deposit does not invest in the Scheme until the Scheme has short term deposit with such bank.

l No investment management and advisory fees will be charged for such investments in the Scheme.

The aforesaid limits shall not be applicable to term deposits placed as margins for trading in cash market.

However, period for ‘pending deployment’ as stated above for the Scheme shall not exceed 7 days.

l The Scheme shall not make any investment in: a) Any unlisted security of an associate or group

company of the Sponsor; or b) Any security issued by way of private

placement by an associate or group company of the Sponsor; or

c) The listed securities of group companies of the Sponsor, which is in excess of 25% of the net assets of the Scheme of the Fund.

d) any fund of funds Scheme. l The Scheme shall only invest in equity shares or

equity related instruments which are listed or to be listed.

l The cumulative gross exposure through equity, debt and derivative positions shall not exceed 100% of the net assets of the Scheme except to the extent of deployment of subscription cash flow.

l The Scheme shall not invest in unlisted debt instruments including commercial papers, except Government Securities and other money market instruments.

Provided that the Scheme may invest in unlisted non-convertible debentures up to a maximum of 10% of the debt portfolio of the Scheme subject to such conditions as may be specified by SEBI from time to time.

Provided further that the Scheme shall comply with the norms under the above clauses within the time and in the manner as may be specified by SEBI.

Provided further that the norms for investments by the Scheme in unrated debt instruments shall be as specified by SEBI from time to time.

l Further, the Scheme shall comply with provisions of SEBI Circular No. SEBI/HO/IMD/DF2/

CIR/P/ 2019/104 dated October 1, 2019 regarding investment in Debt and Money Market Instruments, as amended from time to time, to the extent applicable to the Scheme.

The AMC / Trustee may alter these above stated restrictions from time to time to the extent the SEBI (MF) Regulations change, so as to permit the Scheme to make its investments in the full spectrum of permitted investments for mutual funds to achieve its respective investment objective. The AMC/Trustee may from time to time alter these restrictions in conformity with the SEBI (MF) Regulations. Further, apart from the investment restrictions prescribed under SEBI (MF) Regulations, the Fund may follow any internal norms vis-à-vis restricting / limiting exposure to a particular scrip or sector, etc

In terms of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated March 18, 2016, NFO proceeds may be deployed in CBLO before the closure of NFO period. However, no investment management and advisory fees will be charged on funds deployed in CBLOs during the NFO period. Further, the appreciation received from investment in CBLO shall be passed on to the investors. In case the minimum subscription amount is not garnered by the scheme during the NFO period, the interest earned upon investment of NFO proceeds in CBLO shall be returned to investors, in proportion of their investments, alongwith the refund of the subscription amount. Since CBLO has been replaced with TREPS by Repurchase Transactions (Repo) (Reserve Bank) Directions, 2018 issued by the Reserve Bank of India (RBI) vide notification No. RBI/ 2018-19/24–FMRD.DIRD.01/14.03.038/2018-19 dated July 24, 2018, NFO proceeds may be deployed in TREPS before the closure of NFO period.

All investment restrictions shall be applicable at the time of making investment.

Owing to COVID-19 situation, SEBI has issued relaxations from application of certain regulations/ provisions of circulars. These relaxations being of temporary nature, are not included / incorporated in this SID.

L. HOW HAS THE SCHEME PERFORMED?This Scheme is a new Scheme and does not have any performance track record.

M. ADDITIONAL SCHEME RELATED DISCLOSURE(S):This is a new Scheme and therefore, the requirement of following additional disclosures shall not be applicable for the Scheme:

A. The tenure for which the fund manager has been managing the Scheme;

B. Portfolio holdings (top 10 holdings by issuer and fund allocation towards various sectors), along with a website link to obtain Scheme’s latest monthly portfolio holding;

C. Portfolio turnover ratio

D. The aggregate investment in the Scheme under the following categories:

i. AMC’s Board of Directors

ii. Fund Manager(s) and

iii. Other key managerial personnel


III. UNITS AND OFFERThis Section provides details you need to know for investing in the Scheme.

A. NEW FUND OFFER (NFO)

New Fund Offer Period

This is the period during which a new Scheme sells its Units to the investors.

NFO opens on: August 10, 2020

NFO closes on: August 14, 2020

In case the NFO Opening/ Closing Date is subsequently declared as a non-Business Day, the following Business Day will be deemed to be the NFO Opening/ Closing Date. The AMC/ Trustee reserves the right to close the NFO before the above mentioned date by giving at least one day notice in one daily Newspaper.

The AMC/Trustee reserves the right to extend the closing date of the New Fund Offer Period, subject to the condition that the subscription list of the New Fund Offer Period shall not be kept open for more than 15 days.

New Fund Offer Price

This is the price per Unit that the investors have to pay to invest during the NFO.

During the New Fund Offer, the Units are being offered at the Face Value approximately equal to 1/100th of the value of NIFTY Bank Index on the date of allotment of units under the NFO (referred to as the NFO Allotment Price).

Minimum Amount for Application in the NFO

Rs. 5,000 per application and in multiples of Re. 1 thereafter. Units will be alloted in the whole figures and the balance amount will be refunded.

In case of investors opting to switch into the Scheme from the existing Schemes of HDFC Mutual Fund (subject to completion of Lock-in Period, if any) during the NFO Period and if the amount of application is in odd multiples, the application will be processed for the eligible amount and the balance amount will be retained in the Scheme.

Minimum Target amount

This is the minimum amount required to operate the Scheme and if this is not collected during the NFO period, then all the investors would be refunded the amount invested without any return. However, if AMC fails to refund the amount within 5 Business Days from the closure of NFO, interest as specified by SEBI (currently 15% p.a.) will be paid to the investors from the expiry of 5 Business Days from the date of closure of the subscription period.

The minimum target amount to be raised during the NFO Period shall be Rs. 10 Crores.

In case the Mutual Fund fails to collect the minimum subscription amount of Rs. 10 Crore under the Scheme, the Mutual Fund and the AMC shall be liable to refund the subscription amount to the Applicants of the Scheme.

Maximum Amount to be raised (if any)

This is the maximum amount, which can be collected during the NFO period, as decided by the AMC.

There is no maximum subscription (target) amount under the Scheme to be raised and therefore, subject to the applications being in accordance with the terms of this offer, full and firm allotment will be made to the Unit holders.

However, the Trustee / AMC retains the sole and absolute discretion to reject any application.

Plans/Options offered Presently the Scheme does not offer any Plans/Options for investment.

However, the Trustees may at their absolute discretion reserve the right to declare Dividend from time to time (which will be paid out to the Unit holders) in accordance with the Dividend Policy. The AMC and the Trustees reserve the right to introduce such other plans/options as they deem necessary or desirable from time to time, in accordance with the SEBI Regulations.


Dividend Policy The Trustee reserves the right to declare dividends under the Scheme depending on the availability of distributable profits under the Scheme. Dividends, if declared, will be paid (subject to deduction of tax at source, if any) to those Unit holders whose names appear in the Register of Unit holders on the record date. As Units are held in dematerialized mode, the Depositories (NSDL/ CDSL) will give the list of demat account holders and the number of Units held by them in electronic form on the Record date to the Registrars and Transfer Agent of the Mutual Fund who shall be eligible to receive the dividends. Further, the Trustee at its sole discretion may also declare interim dividend. However, it must be distinctly understood that the actual declaration of dividend and the frequency thereof will inter-alia, depend on the availability of distributable profits as computed in accordance with SEBI (MF) Regulations and the decision of the Trustee in this regard shall be final. There is no assurance or guarantee to Unit holders as to the rate/quantum of dividend distribution nor that dividends will be paid regularly. In order to be a Unit holder, an investor has to be allotted Units against receipt of clear funds by the Scheme. On payment of dividends, the NAV will stand reduced by the amount of dividend and dividend tax/ statutory levy (if applicable) paid. The Trustee/ AMC reserves the right to change the record date from time to time.

Dividend Distribution Procedure:

In accordance with SEBI Circular no. SEBI/ IMD/ Cir No. 1/64057/06 dated April 4, 2006, the procedure for Dividend Distribution would be as under:

1. Quantum of dividend and the record date will be fixed by the Trustee in their meeting. Dividend so decided shall be paid, subject to availability of distributable surplus.

2. Within one calendar day of decision by the Trustee, the AMC shall issue notice to the public communicating the decision about the dividend including the record date, in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of the region where the head office of the Mutual Fund is situated.

3. Record date shall be the date which will be considered for the purpose of determining the eligibility of investors whose names appear on the register of Unit holders maintained by the Mutual Fund/ statement of beneficial ownership maintained by the Depositories, as applicable, for receiving dividends. The Record Date will be 5 calendar days from the issue of notice.

4. The notice will, in font size 10, bold, categorically state that pursuant to payment of dividend, the NAV of the Scheme would fall to the extent of payout and statutory levy (if applicable).

5. The NAV will be adjusted to the extent of dividend distribution and statutory levy, if any, at the close of business hours on record date.

6. Before the issue of such notice, no communication indicating the probable date of dividend declaration in any manner whatsoever, will be issued by Mutual Fund.

The requirement of giving notice shall not be applicable for Dividend having frequency upto one month.

Allotment All Applicants whose monies towards purchase of Units have been realised by the Fund will receive a full and firm allotment of Units, provided also the applications are complete in all respects and are found to be in order.

For applicants applying through ‘APPLICATIONS SUPPORTED BY BLOCKED AMOUNT (ASBA)’, on allotment, the amount will be unblocked in their respective bank accounts and account will be debited only to the extent required to pay for allotment of Units applied in the application form.

The AMC shall allot Units within 5 business days from the date of closure of the NFO period. Units will be allotted in whole figure. Face Value of the Units at 1/100th Value of underlying Index as on date of Allotment of Units.

The Trustee retains the sole and absolute discretion to reject any application.


Dematerialization

The Units of the Scheme will be available in dematerialized (electronic) form. The investor intending to invest in Units of the Scheme will be required to have a beneficiary account with a Depository Participant (DP) of the NSDL/CDSL and will be required to mention in the application form DP’s Name, DP ID No. and Beneficiary Account No. with the DP at the time of purchasing Units during the NFO.

The Units of the Scheme will be issued, traded and settled compulsorily in dematerialized (electronic) form.

The Units allotted will be credited to the Demat account of the Unit holder as per the details provided in the application form. Units held in demat form are freely transferable.

Allotment Advice

Upon allotment, an Allotment Advice will be sent to each Unit holder, stating the number of Units allotted, not later than 5 Business Days from the close of New Fund Offer Period and the Units will be credited to the Demat account of the application as per the details provided in the application form.

However, the Trustee / AMC reserves the right to change the dematerialization/rematerialization process in accordance with the procedural requirements laid down by the Depositories, viz. NSDL/ CDSL and/or in accordance with the provisions laid under the Depositories Act, 1996 and the Regulations thereunder.

Normally no Unit certificates will be issued. However, after allotment, if a Unit holder so desires, the AMC shall issue a non-transferable Unit certificate within 5 Business Days of the receipt of request for the certificate. Unit certificate if issued must be duly discharged by the Unit holder(s) and surrendered alongwith the request for Redemption/ Switch at the time of redemption or any other transaction of Units covered therein.

All Units will rank pari passu, among Units within the same Option in the Scheme concerned as to assets, earnings and the receipt of dividend distributions, if any, as may be declared by the Trustee.

Illustration

The Allotment Price in the NFO will be calculated as follows:

Allotment Price = Amount collected in the NFO - Refunds, if any/ Number of Units allotted in the NFO.

Amount collected (Rupees) A 100,000,000.00

Cost per unit (Allotment Price 1/100th Value of index (Index being 26,000)

B 260.00

Actual Investment in stocks say C 99,243,475.70

Balance cash for expenses say D = (A-C) 756,424.30

Units allotted say E = (A/B) 384,615.00

NAV F = (A/E) 260.00

Portfolio Value G = C/E 258.03

Cash Component H = F-G 1.97

No. of Units to be allotted = Net Assets of the Scheme on the date of allotment / Value of Index (NIFTY Bank Index) on the date of allotment.

Example of issue of Units during the NFO:

Suppose an investor invests (Rs.) A 50,000.00

Cost per unit (Allotment Price 1/100th Value of index (Index being 26,000)

B 260.00

Units allotted (rounded off to a whole number) C = A/B 192.00

Value of units allotted (Rs.) D = B*C 49,920.00

Balance amount refunded to investor (Rs) E = A- D 80.00

All units would be allotted in whole numbers and no fractional units will be allotted. Excess amount, if any, would be refunded to the investor within 5 business days after the closure of the New Fund Offer.


Refund In case the Scheme fails to collect the minimum subscription amount of Rs.10 crore, the Mutual Fund and the AMC shall be liable to refund the subscription amount to the Applicants of the Scheme.Refunds of subscription money, if any, shall be completed within 5 Business Days from the closure of the New Fund Offer Period. No Interest will be payable by the AMC on any subscription money refunded within 5 Business Days from the closure of the New Fund Offer Period. Interest on subscription amount will be payable for amounts refunded by the AMC later than 5 days from the closure of the New Fund Offer Period at the rate of 15% per annum for the period in excess of 5 Business Days and will be charged to the AMC.Refund orders will be marked “A/c Payee only” and will be in favour of and be dispatched to the sole / first Applicant, by registered post or by any other mode of payment as authorized by the applicant in the case of a sole applicant and in the name of the first applicant in all other cases. In both cases, the bank name and bank account number, as specified in the application, will be mentioned in the refund order. The bank and/or collection charges, if any, will be borne by the applicant.

Who Can Invest

This is an indicative list and you are requested to consult your financial advisor to ascertain whether the Scheme is suitable to your risk profile.

The following persons (i.e. an indicative list of persons) are eligible and may apply for subscription to the Units of the Scheme(s) provided they are not prohibited by any law / Constitutive documents governing them:1. Resident adult individuals either singly or jointly (not exceeding three) or on an Anyone

or Survivor basis;2. Karta of Hindu Undivided Family (HUF);3. Minor (as the first and the sole holder only) through a natural guardian (i.e. father

or mother, as the case may be) or a court appointed legal guardian. There shall not be any joint holding with minor investments. Payment for investment shall be made from the bank account of the minor or from a joint account of the minor with the guardian only.

4. Partnership Firms & Limited Liability Partnerships (LLPs);5. Companies, Bodies Corporate, Public Sector Undertakings, Association of Persons

or bodies of individuals and societies registered under the Societies Registration Act, 1860, Co-Operative Societies registered under the Co-Operative Societies Act, 1912, One Person Company;

6. Banks & Financial Institutions;7. Mutual Funds/ Alternative Investment Funds registered with SEBI;8. Religious and Charitable Trusts, Wakfs or endowments of private trusts (subject to

receipt of necessary approvals as required) and Private trusts authorised to invest in mutual fund Schemes under their trust deeds;

9. Non-resident Indians (NRIs)/Persons of Indian Origin residing abroad (PIO)/ Overseas Citizen of India (OCI) on repatriation basis or on non-repatriation basis;

10. Foreign Portfolio Investors (FPI) registered with SEBI in accordance with applicable laws;

11. Army, Air Force, Navy and other paramilitary units and bodies created by such institutions;

12. Council of Scientific and Industrial Research, India;13. Multilateral Financial Institutions/ Bilateral Development Corporation Agencies/

Bodies Corporate incorporated outside India with the permission of Government of India/Reserve Bank of India;

14. Other Schemes of HDFC Mutual Fund subject to the conditions and limits prescribed by SEBI (MF) Regulations;

15. Such other category of investors as may be decided by the AMC/ Trustee from time to time so long as their investment is in conformity with the applicable laws and SEBI (MF) Regulations.

Notes :1. NRIs/ PIOs/ OCIs/ FPIs have been granted a general permission by Reserve Bank of

India Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 for investing in / redeeming Units of the mutual funds subject to conditions set out in the aforesaid regulations.

2. In case of application(s) made by individual investors under a Power of Attorney, the original Power of Attorney or a duly notarized copy should be submitted alongwith the subscription application form. In case of applications made by non-individual investors, the authorized signatories of such non-individual investors should sign the application form in terms of the authority granted to them under the Constitutional Documents/Board resolutions/Power of Attorneys, etc. A list of specimen signatures of the authorized signatories, duly certified / attested should also be attached to the Application Form. The Mutual Fund/AMC/Trustee shall deem that the investments made by such non individual investors are not prohibited by any law/Constitutional documents governing them and they possess the necessary authority to invest.


3. Investors desiring to invest / transact in mutual fund Schemes are required to comply with the KYC norms and mandatorily furnish PAN (PAN of the guardian in case minor does not have a PAN) applicable from time to time. Under the KYC norms, Investors are required to provide prescribed documents for establishing their identity and address, including in case of non-individuals, such as copy of the Memorandum and Articles of Association / bye-laws/trust deed/partnership deed/Certificate of Registration along with the proof of authorization to invest, as applicable, to the KYC Registration Agency (KRA) registered with SEBI.

The Mutual Fund/ AMC/ Trustee/ other intermediaries will rely on the declarations/ affirmations provided by the Investor(s) in the Application/Transaction Form(s) and the documents furnished to the KRA. Further, the Investor shall be liable to indemnify the Fund/ AMC/ Trustee/ other intermediaries in case of any dispute regarding the eligibility, validity and authorization of the transactions and/ or the applicant who has applied on behalf of the Investor. The Mutual Fund/ AMC/ Trustee reserves the right to call for such other information and documents as may be required by it in connection with the investments made by the investors. Where the Units are held by a Unit holder in breach of any Regulations, AMC / the Fund may effect compulsory redemption of such units.

4. Returned cheques are not liable to be presented again for collection and the accompanying application forms are liable to be rejected by the AMC. In case the returned cheques are presented again, the necessary charges are liable to be debited to the investor.

5. The Trustee reserves the right to recover from an investor any loss caused to the Schemes on account of dishonour of cheques issued by the investor for purchase of Units of the Scheme.

6. No request for withdrawal of application will be allowed after the closure of New Fund Offer Period.

7. Subject to SEBI (MF) Regulations, any application for subscription of Units may be accepted or rejected in the sole and absolute discretion of the AMC/Trustee. The AMC/Trustee may inter-alia reject any application for the purchase of Units if the application is invalid, incomplete or if the AMC/Trustee for any other reason does not believe that it would be in the best interests of the Scheme or its Unitholders to accept such an application.

Who cannot invest?The aforementioned persons/entities as specified under section “Who Can Invest?” shall not be eligible to invest in the Scheme, if such persons/entities are:1. United States Person (U.S. person*) as defined under the extant laws of the United States

of America, except the following:a. NRIs/PIOs may invest/transact, in the Scheme, when present in India, as lump

sum subscription, redemption and/or switch transaction (other than systematic transactions) only through physical form and upon submission of such additional documents/undertakings, etc., as may be stipulated by AMC/Trustee from time to time and subject to compliance with all applicable laws and regulations prior to investing in the Scheme.

b. FPIs may invest in the Scheme as lump sum subscription and/or switch transaction (other than systematic transactions) through submission of physical form in India, subject to compliance with all applicable laws and regulations and the terms, conditions, and documentation requirements stipulated by the AMC/Trustee from time to time, prior to investing in the Scheme.

The Trustee/AMC reserves the right to put the transaction requests received from such U.S. person on hold/reject the transaction request/redeem the units, if allotted, as the case may be, as and when identified by the AMC that the same is not in compliance with the applicable laws and/or the terms and conditions stipulated by Trustee/AMC from time to time. Such redemptions will be subject to applicable taxes and exit load, if any.

The physical application form(s) for transactions (in non-demat mode) from such U.S. person will be accepted ONLY at the Investor Service Centres (ISCs) of HDFC Asset Management Company Limited (HDFC AMC). Additionally, such transactions in physical application form(s) will also be accepted through Distributors and other platforms subject to receipt of such additional documents/undertakings, etc., as may be stipulated by AMC/Trustee from time to time from the Distributors/Investors.

2. Residents of Canada;3. NRIs residing in any Financial Action Task Force (FATF) declared non-compliant country

or territory *The term “U.S. person” means any person that is a U.S. person within the meaning of Regulation S under the Securities Act of 1933 of U.S. or as defined by the U.S. Commodity Futures Trading Commission or as per such further amended definitions, interpretations, legislations, rules etc, as may be in force from time to time.


Where can you submit the filled up applications

During the NFO period the applications filled up and duly signed by the applicants should be submitted at the office of the Collection Centres / ISCs / Official Points of Acceptance, whose addresses are mentioned on Page Nos. 60 to 66 of the SID.

The Investors can also purchase Units under the Scheme during NFO by placing an order through the stock exchange infrastructure or through Channel Distributors. Please refer to section “Special Products available during the NFO” on Page No. 40 for more details.

Further, Investors may also apply through Applications Supported By Blocked Amount (ASBA) process during the NFO period of the Scheme by filling in the ASBA form and submitting the same to their respective banks, which in turn will block the amount in the account as per the authority contained in ASBA form, and undertake other tasks as per the procedure specified therein. For complete details and ASBA process, refer SAI.

How to Apply Please refer to SAI and Application form for the instructions.

Cash investments

Pursuant to SEBI Circular No. CIR/IMD/DF/ 21/2012 dated September 13, 2012 read with SEBI Circular No. CIR/IMD/DF/10/2014 dated May 22, 2014 the Fund will accept subscription applications with payment mode as ‘Cash’ (“Cash Investments“) to the extent of Rs. 50,000/- per investor, per financial year. Cash Investments in legal tender, accompanied with valid applications, shall be accepted by the Scheme subject to the following:

1. Eligible Investors: Only resident individuals, sole proprietorships and minors (through guardians), who are KYC Compliant and have a Bank Account can make Cash Investments. Such investors may or may not possess a Permanent Account Number (PAN).

2. Mode of application: Applications for subscription with ‘Cash’ as mode of payment can be submitted in physical form only at select Investor Service Centres (ISCs) of the Fund. Cash Investments cannot be made through electronic modes such as website of the Fund / Channel Distributors or through Stock Exchange Platforms, etc.

3. Cash collection facility with HDFC Bank: Currently, the Fund has made arrangement with HDFC Bank Limited (“the Bank”) to collect cash at its designated branches from investors (accompanied by a deposit slip issued and verified by the Fund).

The Bank only acts as an aggregator for cash received towards subscriptions under various Schemes received on a day at the various Bank branches. The Bank would be remitting the cash collected to the Scheme usually by the next business day of the bank. Please refer our website www.hdfcfund.com or contact any of our ISCs for an updated list of designated bank branches/ ISCs accepting Cash Investments.

The acceptance of Cash Investments by the Fund is subject to-

i. compliance with Prevention of Money Laundering Act, 2002 and Rules framed there under, the SEBI Circular(s) on Anti Money Laundering (AML) and other applicable AML rules, regulations and guidelines; and

ii. sufficient systems and procedures in place.

For details on procedure and conditions for making ‘Cash Investments’, refer section ‘How to Apply’ appearing in SAI or contact any our ISCs or visit our website www.hdfcfund.com

Listing The Mutual Fund will list the Units of the Scheme on the Capital Market Segment of the National Stock Exchange of India Limited (NSE) and/ or BSE Limited (BSE) within 5 Business Days of allotment.

The Units can be purchased / sold during the trading hours like any other publicly traded stock, until the date of suspension of trading by stock exchange(s) where the Scheme is listed.

The Mutual Fund may at its sole discretion list the Units of the Scheme on any other recognized Stock Exchange(s) at a later date.

The AMC/Trustee reserves the right to delist the Units of the Scheme from a particular stock exchange provided the Units are listed on atleast one stock exchange.

The price of the Units in the market will depend on demand and supply at that point of time.

Special Products available Systematic Investment Plan (SIP), Systematic Transfer Plan (STP) Systematic Withdrawal Advantage Plan (SWAP), Dividend Transfer Plan (DTP), HDFC Flexindex Plan and HDFC Swing Systematic Transfer Plan are not available under this Scheme.


SWITCHING OPTIONS During the NFO period (Switch request will be accepted upto 3.00 p.m. on the last day of the NFO), the Unit holders holding Units in non-demat form will be able to invest in the NFO of the Scheme by switching part or all of their Unit holdings held in the respective option(s) /plan(s) of the existing scheme(s) established by the Mutual Fund. This Option will be useful to Unit holders who wish to alter the allocation of their investment among the scheme(s) / plan(s) of the Mutual Fund in order to meet their changed investment needs. The Switch will be effected by way of a Redemption of Units from the Scheme/ Plan and a reinvestment of the Redemption proceeds in respective Plan(s) under the Scheme and accordingly, to be effective, the Switch must comply with the Redemption rules of the Scheme/ Plan and the issue rules of the respective Plan(s) under the Scheme (e.g. as to the minimum number of Units that may be redeemed or subscribed, Exit/ Entry Load etc). The price at which the Units will be Switched-out of the Scheme/ Plan will be based on the Redemption Price, and the proceeds will be invested in respective Plan(s) under the Scheme at the prevailing sale price. If the amount of switch- in is in odd multiples, the application will be processed for the eligible amount and the balance amount will be retained in the switch- out scheme. The Switch request can be made on a Transaction Slip, which should be submitted at / sent by mail to any of the Official Points of Acceptance.FACILITY TO PURCHASE UNITS OF THE SCHEME THROUGH STOCK EXCHANGE(S)A Unit holder may purchase Units of the Scheme through the Stock Exchange infrastructure only during the NFO period. Investors can hold units only in dematerialized form.In order to facilitate transactions in mutual fund units through the stock exchange infrastructure, BSE has introduced BSE StAR MF Platform and NSE has introduced Mutual Fund Service System (MFSS). All trading members of BSE & NSE who are registered with AMFI as Mutual Fund Distributors and who have signed up with HDFC Asset Management Company Limited and also registered with BSE & NSE as Participants (“AMFI certified stock exchange brokers” or “Brokers”) are eligible to offer this facility to investors. Additionally, the units of the Scheme are permitted to be transacted through Clearing Members of the registered Stock Exchanges. The window for purchase of Units on BSE & NSE will be available between 9 a.m. and 3 p.m. during the NFO period or such other timings as may be decided. Investors who are interested in purchasing Units of the Scheme should register themselves with Brokers/ Clearing Members. The eligible AMFI certified stock exchange Brokers/ Clearing Members who have complied with the conditions stipulated in SEBI Circular No. SEBI /IMD / CIR No.11/183204/2009 dated November 13, 2009 for stock brokers viz. AMFI/ NISM certification, code of conduct prescribed by SEBI for Intermediaries of Mutual Fund will be considered as Official Points of Acceptance (OPA) of the Mutual Fund. Investors will be able to purchase Units of the the Scheme in the following manner:Dematerialized Form• TheinvestorsarerequiredtohaveademataccountwithCDSL/NSDL.• TheinvestorisrequiredtoplaceanorderforpurchaseofUnits(subjecttoapplicable

limits prescribed by BSE/NSE) with the Brokers or Clearing Members.• TheinvestorshouldprovidetheirdepositoryaccountdetailstotheBrokers/Clearing

Members. • Thepurchaseorderwill beentered in theStockExchange systemandanorder

confirmation slip will be issued to investor.• TheinvestorwilltransferthefundstotheBrokers/ClearingMembers.• InvestorsshallreceivetheUnitsthroughBroker/ClearingMember’spoolaccount.

The AMC/ Mutual Fund shall credit the Units into Broker/ Clearing Member’s pool account and Broker/ Clearing Member in turn shall credit the Units to the respective investor’s demat account. (Refer Note 1 below)

• SuchcreditofUnitsbytheAMC/MutualFundtotheBroker/ClearingMember’spool account shall discharge AMC/ Mutual Fund of its obligation of allotment of Units to the individual investor.

• AllotmentdetailswillbeprovidedbytheBrokers/ClearingMemberstotheinvestor.Note 1: Facility for Direct Credit of units into investor’s demat account is available only on orders routed through NSE’s MFSS platform.• The Brokers shall indicate direct payout of Units to investor’s specified demat account

at the time of placing the order.• The Clearing Corporation shall consider the details provided by the Brokers as final

and correct and shall not be responsible for any incorrect details provided by the Brokers. The Brokers shall be fully responsible for any erroneous details.


• For valid subscription orders, all the units as allotted by the AMC/ RTA, shall be settled into the investors’s account as provided by the Broker.

• If the credit to the beneficiary accounts of the client fails for e.g. on account of incorrect or inactive account details, the units shall be transferred to AMC’s pool Account. An intimation for such unit credit shall be given to the Broker by the RTA.

• AMC/RTA on receipt of such units in its pool account, shall convert the units in non-demat mode/ physical mode within T+2 working days (T being the date of transfer of units to AMC pool account).

• AMC/RTA shall send a communication to the investor either by email or by sending a physical copy of Statement of Account once the units are converted to non-demat mode.

Transactions routed through Distributors / RIAs• Distributors / RIAs andpermitted by the concerned recognized stock exchanges

shall be eligible to use recognized stock exchanges’ infrastructure to purchase and redeem mutual fund units (Demat / Non Demat) on behalf of their clients, directly from Mutual Fund.

• Distributors/RIAsshallnothandlepayout/payinoffundsaswellasunitsonbehalfof investor.

• PayinoffundswillbedirectlyreceivedbyrecognizedClearingCorporationandpayout of funds will be directly made to investor account. In the same manner, units shall be credited and debited directly from the demat account of investors.

Applications for purchase of Units which are incomplete /invalid are liable to be rejected. In case of nonfinancial requests/ applications such as change of address, change of bank details, etc. investors should approach the respective Depository Participant(s) as Units will be held in demat mode. A demat statement will be sent by Depository Participant showing the credit of Units to their account.Investors will have to comply with Know Your Customer (KYC) norms as prescribed by BSE/NSE/CDSL/ NSDL and the Mutual Fund to participate in this facility. Investors should contact the Official Point(s) of Acceptance of HDFC Mutual Fund for further details. The facility to purchase Units through the stock exchange infrastructure shall be in accordance with SEBI Circular No. SEBI /IMD / CIR No.11/183204/ 2009 dated November 13, 2009 and No. CIR/IMD/DF/17/2010 dated November 9, 2010 as amended from time to time as also in accordance with the procedures and guidelines issued by the respective Stock Exchanges and the Depositories from time to time.The Trustee reserves the right to change/modify the features of this facility at a later date.TRANSACTIONS THROUGH “CHANNEL DISTRIBUTORS”Investors may enter into an agreement with certain distributors / Registered Investment Advisers (RIAs) (with whom AMC also has a tie up) referred to as “Channel Distributors” who provide the facility to investors to transact in units of mutual funds through various modes such as their website / other electronic means or through Power of Attorney in favour of the Channel Distributor, as the case may be. Under such arrangement, the Channel Distributors will aggregate the details of transactions (viz. subscriptions/redemptions/switches) of their various investors and forward the same electronically to the AMC / RTA for processing during NFO.The Channel Distributor is required to send copy of investors’ KYC proof and agreement entered into between the investor & distributor / RIA to the RTA (one time for central record keeping) as also the transaction documents / proof of transaction authorization as the case may be, to the AMC / RTA as per agreed timelines. In case KYC proof and other necessary documents are not furnished within the stipulated timeline, the transaction request, shall be liable to be rejected.Normally, the subscription proceeds, when invested through this mode, are by way of direct credits to the specified bank account of the Fund. The Redemption proceeds (subject to deduction of tax at source, if any) and dividend payouts, if any, will be paid by the AMC to the investor directly through direct credit in the bank account of the investor linked to the demat account.It may be noted that investors investing through this mode may also approach the AMC / Official Points of Acceptance directly with their transaction requests (financial / non-financial) or avail of the online transaction facilities offered by the AMC as available under the Scheme from time to time.The Mutual Fund, the AMC, the Trustee, along with their directors, employees and representatives shall not be liable for any errors, damages or losses arising out of or in connection with the transactions undertaken by investors / Channel Distributors through above mode.


SUBSCRIPTION OF UNITS THROUGH ELECTRONIC MODESubject to an investor fulfilling applicable terms and conditions as may be stipulated by the AMC from time to time, the AMC/ Mutual Fund/ Registrar/ or any other agent or representative of the AMC/ Mutual Fund/ Registrar (“Recipient”) may accept instructions/transaction requests transmitted through fax /web / any other electronic mode as may be permitted by the AMC from time to time (hereinafter referred to as “electronic transactions”) by such investor (hereinafter referred to as “transmitter”). The acceptance of the electronic transactions will be solely at the risk of the transmitter and the Recipient shall not be liable and/or responsible for any loss or damage caused to the transmitter directly and/or indirectly, as a result of sending and/ or purporting to send such electronic transactions including where such electronic transactions sent / purported to be sent is not processed by the Recipient for any reason whatsoever. The transmitter acknowledges that electronic transactions is not a secure means of giving instructions / transactions requests and is aware of the risks involved including but not limited to such instructions/requests being inaccurate, imperfect, ineffective, illegible, having a lack of quality or clarity, garbled, altered, distorted, not timely etc. The transmitter acknowledges that the request to the Recipient to act on any electronic transactions is for the transmitter’s convenience and the Recipient is not obliged or bound to act on the same. The transmitter authorizes the Recipient to accept and act on the electronic transactions that the Recipient believes in good faith to be given by the transmitter duly signed. The Recipient at its discretion may treat such electronic transactions as final for all record purposes. In case there is any discrepancy between the particulars mentioned in the electronic transactions and the original document/s that may be received thereafter, the Recipient shall not be liable for any consequences arising therefrom. The transmitter agrees that security procedures adopted by the Recipient may include signature verification, telephone call backs or a combination of the same, that may be recorded by tape recording device and the transmitter consents to such recording and agrees to co-operate with the Recipient to enable confirmation of such electronic transactions. The transmitter accepts that the electronic transactions shall be time stamped (wherever required) upon receipt by the Recipient in accordance with SEBI (MF) Regulations. In consideration of the Recipient accepting and at its sole discretion acting on any electronic transactions received / purporting to be received from the transmitter, the transmitter hereby agrees to indemnify and keep indemnified the AMC, Directors, employees, agents, representatives of the AMC, Mutual Fund and Trustee (hereinafter referred to as ‘indemnified parties’) from and against all actions, claims, demands, liabilities, obligations, losses, damages, costs and expenses of whatever nature (whether actual or contingent) directly or indirectly suffered or incurred, sustained by or threatened against the indemnified parties whatsoever arising from and/or in connection with or in any way relating to the indemnified parties in good faith accepting and acting on the electronic transactions.TRANSACTIONS THROUGH MF UTILITY (“MFU”) A unitholder may purchase units of the Plan(s) under the Scheme through MFU only during the NFO Period. The AMC has entered into an Agreement with MF Utilities India Private Limited (“MFUI”), a “Category II - Registrar to an Issue”under SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993, for usage of MF Utility (“MFU”) a “Shared Services” initiative formed by the Asset Management Companies of SEBI registered Mutual Funds under the aegis of Association of Mutual Funds in India (AMFI). MFU acts as a transaction aggregation portal for enabling transaction in multiple Schemes of various Mutual Funds with a single form and a single payment instrument. Both financial and nonfinancial transactions pertaining to Scheme(s) of HDFC Mutual Fund (‘the Fund’) can be done through MFU at the authorized Points of Service (“POS”) of MFUI. The details of POS with effect from the respective dates published on MFU website at www.mfuindia.com will be considered as Official Point of Acceptance (OPA) for transactions in the Scheme(s) of the Fund.


Additionally, such transactions can also be carried out electronically on the online transaction portal of MFU at www.mfuonline.com as and when such a facility is made available by MFUI and that the same will be considered OPA for transactions in the Scheme(s) of the Fund. The key features of MFU are: 1. Investors will be required to obtain Common Account Number (“CAN”) for transacting

through MFU. 2. Investors can create a CAN by submitting the CAN Registration Form (CRF) and

necessary documents at the Point of Service (POS) of MFUI. HDFC AMC and / or CAMS, Registrar and Transfer Agent (RTA) of the Fund shall provide necessary details to MFUI as may be needed for providing the required services to investors / distributors through MFU.

3. Investors will be allotted a CAN, a single reference number for all investments across Mutual Funds, for transacting in multiple Schemes of various Mutual Funds through MFU and to map existing folios, if any.

4. Currently, the transactions facilitated through MFU for the investors are: (i) CAN registration; (ii) Submission of documents to KRAs for KYC Registration; (iii) Financial transactions like Purchases, Redemptions and Switches, Registration of

Systematic Transactions like Systematic Investments (SIP) using a single Mandate, Systematic Withdrawals (SWP) and Systematic Transfers (STP);

(iv) Non-financial transactions (NFT) like Bank Account changes, facilitating change of address through KRAs etc. based on duly signed written requests from the Investors.

5. The CRF and other relevant forms for transacting thorugh MFU can be downloaded from MFUI website at www.mfuindia.com or can be obtained from MFUI POS.

6. Investors transacting through MFU shall be deemed to have consented to exchange of information viz. personal and / or financial (including the changes, if any) between the Fund /HDFC AMC and MFUI and / or its authorized service providers for validation and processing of transactions carried out through MFU.

7. For details on carrying out the transactions through MFU or any queries or clarifications related to MFU, investors are requested to contact the Customer Care of MFUI on 1800-266-1415 (during the business hours on all days except Sunday and Public Holidays) or send an email to [email protected]. Investors of the Fund can also get in touch with Investor Service Centres (ISCs) of HDFC AMC to know more about MFU.

8. For any escalations and post-transaction queries pertaining to Scheme(s) of the Fund, the Investors are requested to get in touch with the ISCs of HDFC AMC.

The transactions carried out through MFU shall be subject to the terms & conditions as may be stipulated by MFUI / Fund / HDFC AMC from time to time. The terms & conditions of offering of the Scheme(s) of the Fund as specified in the Scheme Information Document (SID), Key Information Memorandum (‘KIM’) and Statement of Additional Information (‘SAI’) shall be applicable to transactions through MFU.

The policy regarding re-issue of repurchased units, including the maximum extent, the manner of reissue, the entity (the Scheme or the AMC) involved in the same.

All units can be reissued without any limit by the Scheme.


Restrictions, if any, on the right to freely retain or dispose of units being offered.

As the units of the Scheme are mandatorily to be held in demat mode, the same are freely transferable. Further, the unit holders will have to approach their DP for transfer, transmission, pledge related requests etc. which shall be done by the DP in accordance with the procedural requirements laid down by the Depositories, viz. NSDL/ CDSL and/or in accordance with the provisions laid under the Depositories Act, 1996 and the Regulations thereunder.

SUSPENSION OF SALE OF UNITS OF THE SCHEME

The Mutual Fund at its sole discretion reserves the right to withdraw the Sale of Units i.e. subscriptions in the Scheme(s) (including any one Plan/ Option) temporarily or indefinitely, if in the opinion of the AMC the general market conditions are not favourable and / or suitable investment opportunities are not available for deployment of funds or if in the view of AMC/Trustee changing the size of the corpus may prove detrimental to the existing Unit holders of the Scheme(s) or for any other reason deemed fit by the AMC / Trustee.

Further, the indicative list of circumstances under which sale of units may temporarily be suspended is as follows:

1. When one or more stock exchanges or markets, which provide basis for valuation for a substantial portion of the assets of the Scheme are closed otherwise than for ordinary holidays.

2. In case of natural calamities, war, strikes, riots and bandhs.

3. In the event of any force majeure or disaster that affects the normal functioning of the AMC or the Official Point(s) of Acceptance or the Stock exchanges where ETFs Schemes are listed.

4. If so directed by SEBI.

RIGHT TO RESTRICT REDEMPTION AND / OR SUSPEND REDEMPTION OF THE UNITS:

The Fund at its sole discretion reserves the right to restrict Redemption (including switch-out) of the Units (including Plan /Option) of the Scheme of the Fund upon occurrence of the below mentioned events for a period not exceeding ten (10) working days in any ninety (90) days period subject to approval of the Board of Directors of the AMC and the Trustee. The restriction on Redemption (including switch-out) shall be applicable where the Redemption (including switch-out) request is for a value above Rs. 2,00,000/- (Rupees Two Lakhs). Further, no restriction shall be applicable to the Redemption / switch-out request upto Rs. 2,00,000/- (Rupees Two Lakhs). It is further clarified that, in case of redemption request beyond Rs. 2,00,000/- (Rupees Two Lakhs), no restriction shall be applicable on first Rs. 2,00,000/- (Rupees Two Lakhs).

The Trustee / AMC reserves the right to restrict Redemption or suspend Redemption of the Units in the Scheme of the Fund on account of circumstances leading to a systemic crisis or event(s) that severely constrict market liquidity or the efficient functioning of the markets.

A list of such circumstances under which the restriction on Redemption or suspension of Redemption of the Units in the Scheme of the Fund may be imposed are as follows:

1. Liquidity issues- when market at large becomes illiquid affecting almost all securities rather than any issuer specific security; or

2. Market failures / Exchange closures; or

3. Operational issues; or

4. If so directed by SEBI.

It is clarified that since the occurrence of the abovementioned eventualities have the ability to impact the overall market and liquidity situation, the same may result in exceptionally large number of Redemption requests being made and in such a situation the indicative timelines (i.e. within 3-4 Business Days) mentioned by the Fund in the scheme offering documents, for processing of requests for Redemption may not be applicable.


B. ONGOING OFFER DETAILS

Ongoing Offer Period

This is the date from which the Scheme will reopen for subscriptions/redemptions after the closure of the NFO period.

The Scheme will reopen for subscription/redemption within 5 Business Days from the date of allotment of Units under the New Fund Offer Period. the ETF Units will be allotted at a price determined on the basis of previous day’s NAV. Additionally, the difference in the value of portfolio and cost of purchase/sale of Portfolio Deposit on the Exchange for creation/redemption of the ETF Units including the Cash Component and transaction handling charges, if any, will have to be borne by the Authorized Participant/Large Investor.

The Units of the the ETF will be listed on the Capital Market Segment of the National Stock Exchange of India Ltd. (NSE) and/ or BSE Limited (BSE) and/or on any other recognized Stock Exchange(s) as may be decided by AMC from time to time. All investors including Authorized Participants and Large Investors can subscribe (buy) / redeem (sell) Units on a continuous basis on the NSE and/ or BSE on which the Units are listed during the trading hours on all the trading days.

In addition, Authorized Participants and Large Investors can directly subscribe to/ redeem the ETF Units on all Business Days with the Fund in ‘Creation Unit Size’ on an ongoing basis.

The subscription/redemption of Units of the ETF in Creation Unit Size will be allowed both by means of exchange of Portfolio Deposit and by Cash.

Ongoing Price for subscription (purchase)/switch-in (from other Schemes/plans of the mutual fund) by investors.

a.For Subscription of units directly with the Mutual Fund:

Ongoing purchases directly from the Mutual Fund would be restricted to Authorized Participants and Large Investors, provided the value of units to be purchased is in Creation Unit size and in multiples thereof. Authorized Participants / Large Investors may buy the units on any Business Day of the Scheme directly from the Mutual Fund:

•inexchangeofCash(i.e.paymentsshallbemadeonlybymeansofpaymentinstructionof Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account), equivalent to the Portfolio Deposit, Cash Component and any other applicable transaction charges; or

•bydepositingbasketofsecuritiesconstitutingNIFTYBankIndexalongwiththecashcomponent and applicable transaction charges.

The Creation Unit size will be 12,500 units.

No kind of credit facility would be extended during creation of units.

The Fund may from time to time change the size of the Creation Unit in order to equate it with marketable lots of the underlying instruments.

Switch-in Facility:

During the on-going offer period of the Scheme, switch-in into the Scheme shall be permitted from eligible open ended Liquid and Debt/Income Funds. No Switch-out shall be allowed from the Scheme during ongoing basis.

For availing this facility, Large Investors / Authorized Participants are requested to note the following operational modalities:

a. Based on number of baskets the Investor wants to purchase in the Scheme, switchout amount from Liquid or Debt/Income Fund should be calculated basis the following:

(No. of Baskets opted by investor x Units creation size x Previous day NAV of Switch-in Scheme) + 2%*.

For e.g. if the investor wants to purchase 2 baskets and previous day’s NAV is Rs.260.00 the switch amount would be calculated as follows:

[2 x 12,500 (unit Basket) x 260.00] + 2%*.= Rs. 66,30,000.00

* The same is collected towards the difference in the value of portfolio and cost of purchase/sale of Portfolio Deposit on the Exchange for creation/redemption of the ETF Units including the Cash Component and transaction handling charges, if any.


b. Accordingly investor should provide the switch request for Rs. 66,30,000.00 [asillustrated in point “a” (i.e. nearest to rupee)].c. Switch-out from the Liquid or Debt/Income Fund into the Scheme shall be accepted only in terms of amount in INR and not in terms of units.d. Switch transaction will be processed at the applicable NAV of the switch- out Scheme and only if the value is available in the switch-out Scheme.e. Based on the funding in the Scheme, investment for creation of portfolio deposit shall be carried out by the AMC in the securities market on the behalf of the investor.f. The Creation of Units will be subject to receipt of cost incurred towards the purchase of predefined basket of securities that represent the underlying index (i.e. portfolio deposit), Cash Component and transaction handling charges, if any. Thereafter, the Units will be credited into the Unit holder’s Depository Participant account. g. In case the amount of portfolio deposit and cash component is more than the switch funding amount, the purchase of portfolio deposit shall be carried out by the AMC in the securities market on the behalf of the investor on receipt of the shortfall amount. No kind of credit facility would be extended during creation of units.h. In case the amount of portfolio deposit and cash component is less than the switch funding amount, excess amount will be refunded to investor within 5 Business Days of transaction. Units of the switch-in Scheme shall be credited to investors demat account within 5 Business Days of transaction.The Trustee/AMC reserves the right to modify the above facility at any time in future on a prospective basis.b.For Subscription through Stock Exchange(s): All categories of investors may purchase the Units of the Scheme through the Stock Exchange(s) on which the units of the Scheme are listed, on any trading day in round lot of one (1) Unit and multiples thereof at the prevailing listed price. The transactions (trading) in the Stock Exchange(s) shall be subject to the Regulations, Bye laws and Rules applicable to the Stock Exchanges and its clearing house respectively. The trading members shall be responsible for delivering the units to the demat account of the investors on successful completion of settlement. Investors are advised to contact their trading members to understand the various cut-off times to meet their fund pay-in obligations for ensuring successful settlement of their transactions.Note: Authorized Participant/Large Investor for subscription/redemption of the ETF Units directly with the Fund in ‘Creation Unit Size’ will have to reimburse transaction handling charges incurred by the Fund/AMC. Transaction handling charges include brokerage, Securities transaction tax, regulatory charges if any, depository participant charges, uploading charges and such other charges that the mutual fund may have to incur in the course of cash subscription/redemption or accepting the Portfolio Deposit or for giving a portfolio of securities as consideration for a redemption request. The AMC will appoint Authorised Participants to provide liquidity in secondary market on an ongoing basis. The Authorised Participant(s) would offer daily two-way quote in the market. The applicant under the Scheme will be required to have a beneficiary account with a Depository Participant of NSDL/CDSL and will be required to indicate in the Application Form the Depository Participants (DP’s) name, DP ID Number and the beneficiary account number of the applicant. Purchase/Switch-in is not allowed under Segregated Portfolio. However, units of Segregated Portfolio, if any, will be listed on a recognized Stock Exchange.The detailed procedure for creation/redemption of the ETF Units in ‘Creation Unit Size’ is mentioned on Page 22.

Ongoing Price for redemption (sale)/switch-outs (to other Schemes/plans of the mutual fund) by investors.

a. For Redemption of units directly with the Mutual Fund: (Authorised Participants & Large Investors)Mutual Fund will repurchase units from Authorised participants / Large Investors on any Business Day in Creation Unit size at applicable NAV based prices, subject to applicable exit load; if any. Currently there is no Exit Load. However, transaction charges payable to Custodian/Depository Participants, and other incidental charges relating to conversion of units into basket of securities may be deducted from redemption proceeds. b. For Redemption of units directly with the Mutual Fund (other than Authorised Participants):Investors other than Authorised Participants can redeem units directly with the Fund for less than Creation Unit size at Applicable NAV based prices of units without any exit load if:


1. The closing traded price of the units of the Scheme is at a discount of more than 3% to the day end NAV for 30 consecutive trading days; or

2. Discount of bid price to day end NAV over a period of 7 consecutive trading days is greater than 3%, or

3. There are no quotes or trades available on the Stock Exchange(s) for 3 consecutive trading days, or

4. Total bid size on the exchange is less than half of Creation Units size daily, averaged over a period of 7 consecutive trading days.

Such instances shall be tracked by the AMC on an ongoing basis and in case any of the above mentioned scenario arises, the same shall be disclosed on the website of the Mutual Fund.c. For Sale through Stock Exchange(s):All categories of investors may sell the Units of the Scheme through the Stock Exchange(s) on which the units of the Scheme are listed, on any trading day in round lot of one (1) Unit and multiples thereof.Note:The transaction handling charges which include brokerage, Securities transaction tax, regulatory charges if any, depository participant charges, uploading charges and such other charges that the mutual fund may have to incur in the course of cash subscription/redemption or accepting the portfolio deposit or for giving a portfolio of securities as consideration for a redemption request, shall be recoverable from the transacting Authorized Participant or Large Investor. As required under the Regulations, the Fund will ensure that the Redemption Price is not lower than 93% of the NAV and the Purchase Price is not higher than 107% of the NAV, provided that the difference between the Redemption Price and Purchase Price of the Units shall not exceed the permissible limit of 7% of the Purchase Price, as provided for under the Regulations.Repurchase / Redemptions including Switch-outs for Segregated Portfolio is not allowed. However, units of Segregated Portfolio, if any, will be listed on a recognized Stock Exchange.The detailed procedure for creation/redemption of Units in ‘Creation Unit Size’ is mentioned on Page 22.

Cut off timing for subscriptions/redemptions/switches

In case of Purchase / Redemption directly with Mutual Fund (By Authorised Participants and Large Investors): The Cut-off time for receipt of valid application for Subscriptions and Redemptions is 3.00 p.m. However, as the Scheme is an Exchange Traded Fund, the Subscriptions and Redemptions of Units would be based on the Portfolio Deposit and Cash Component as defined by the Fund for that respective Business Day. Thus, Units will be allotted / redeemed at a price determined on the basis of previous day’s NAV. Additionally, the difference in the value of portfolio and cost of purchase/sale of Portfolio Deposit on the Exchange for creation/redemption of Units including the Cash Component and transaction handling charges, if any, will have to be borne by the Authorized Participant/Large Investor. In case of Redemption directly with Mutual Fund in exceptional circumstances by investors other than Authorised Participants:The Cut-off time for receipt of valid application for Redemptions directly with the Fund in exceptional circumstances is 3.00 p.m. Valid applications received by the fund upto the cut-off time will be processed on the basis of the closing NAV of the day of receipt of request and for valid applications received after cut-off time, the closing NAV of the next Business Day shall be applicable.Temporary revised cut-off timing during COVID-19 situation:In view of COVID-19 pandemic, as directed by SEBI the temporary cut-off timings for applicability of NAV for the Scheme from April 6, 2020 till further notice are as follows:In respect of subscriptions / purchases (including switch-ins) / redemptions (including switch outs): 01:00 p.m.Settlement of Purchase/Sale of Units of the Scheme on NSE/ BSEBuying/Selling of Units of the Scheme on NSE/ BSE is just like buying/selling any other normal listed security. If an investor has bought Units, an investor has to pay the purchase amount to the broker/sub-broker such that the amount paid is realised before the funds pay-in day of the settlement cycle on the Stock Exchange(s). If an investor has sold Units, an investor has to deliver the Units to the broker/sub-broker before the securities pay-in day of the settlement cycle on the Stock Exchange(s). The Units (in the case of Units bought) and the funds (in the case of Units sold) are paid out to the broker on the pay-out day of the settlement cycle on the Stock Exchange(s). The Stock Exchange(s) regulations stipulate that the trading member should pay the money or Units to the investor within 24 hours of the pay-out.


If an investor has bought Units, he should give standing instructions for ‘Delivery-In’ to his /her/its DP for accepting Units in his/her/its beneficiary account. An investor should give the details of his/her beneficiary account and the DP-ID of his/her/its DP to his/her/its trading member. The trading member will transfer the Units directly to his/her/its beneficiary account on receipt of the same from NSE’s/ BSE’s Clearing Corporation.An investor who has sold Units should instruct his/her/its Depository Participant (DP) to give ‘Delivery Out’ instructions to transfer the Units from his/her/its beneficiary account to the Pool Account of his/her/its trading member through whom he/she/it have sold the Units. The details of the Pool A/C (CM-BP-ID) of his/her trading member to which the Units are to be transferred, Unit quantity etc. should be mentioned in the Delivery Out instructions given by him/her to the DP. The instructions should be given well before the prescribed securities pay-in day. SEBI has advised that the Delivery Out instructions should be given at least 24 hours prior to the cut-off time for the prescribed securities pay-in to avoid any rejection of instructions due to data entry errors, network problems, etc.Rolling SettlementAs per the SEBI’s circular dated March 4, 2003, the rolling settlement on T+2 basis for all trades has commenced from April 1, 2003 onwards. The Pay-in and Pay-out of funds and the Units will take place within 2 working days after the trading date.The pay-in and pay-out days for funds and securities are prescribed as per the Settlement Cycle. A typical Settlement Cycle of Rolling Settlement is given below:Day Activity

T The day on which the transaction is executed by a trading member

T+1 Confirmation of all trades including custodial trades by 11.00 a.m.

T+1 Processing and downloading of obligation files to brokers/custodians by 1.30 p.m.

T+2 Pay-in of funds and securities by 11.00 a.m.

T+2 Pay out of funds and securities by 1.30 p.m.While calculating the days from the Trading day (Day T), weekend days (i.e. Saturday and Sundays) and bank holidays are not taken into consideration.The AMC has the right to amend cut off timings subject to SEBI (MF) Regulations for the smooth and efficient functioning of the Scheme.

Where can the applications for purchase/redemption/switches be submitted?

The application forms for subscriptions/redemptions (applicable for Authorised Participants/Large Investors) should be submitted at/may be sent by mail to, any of the ISCs/Official Points of Acceptance of the AMC whose names and addresses are mentioned on Page Nos. 60 to 66 of the SID.For details on updated list of ISCs/Official Points of Acceptance, investors are requested to call 1800 3010 6767/1800 419 7676 or contact the AMC branches or log to our website on www.hdfcfund.com

Minimum amount for purchase/redemption/switches

ON THE EXCHANGE Investors can subscribe (buy) and redeem (sell) Units on a continuous basis on the NSE/ BSE on which the Units are listed. Subscriptions made through Stock Exchanges will be made by specifying the number of Units to be subscribed and not the amount to be invested. On the Stock Exchange(s), the Units of the the ETF can be purchased/sold in minimum lot of 1 (one) Unit and in multiples thereof.DIRECTLY FROM THE FUNDThe Scheme offers for subscriptions/redemptions only for Authorised Participants and Large Investors in ‘Creation Unit Size’ on all Business Days at at a price determined on the basis of previous day’s NAV. Additionally, the difference in the value of portfolio and cost of purchase/sale of Portfolio Deposit on the Exchange for creation/redemption of the ETF Units including the Cash Component and transaction handling charges, if any, will have to be borne by the Authorized Participant/Large Investor.The Fund creates/redeems Units of the ETF in large size known as “Creation Unit Size”. Each “Creation Unit” consists of 12,500 Units of the ETF. The value of the “Creation Unit” is the “Portfolio Deposit” and a “Cash Component” which will be exchanged for 12,500 Units of the ETF and/or subscribed in cash equal to the value of said predefined units of the Scheme.The Portfolio Deposit and Cash Component for the Scheme may change from time to time due to change in NAV.The subscription/redemption of Units of the ETF in Creation Unit Size will be allowed both by means of exchange of Portfolio Deposit and by Cash (i.e. payments shall be made only by means of payment instruction of Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter/ Transfer Cheque of a bank where the Scheme has a collection account).The Fund may from time to time change the size of the Creation Unit in order to equate it with marketable lots of the underlying instruments.


Minimum balance to be maintained and consequences of non-maintenance

There is no minimum balance requirement.

Special Products available Systematic Investment Plan (SIP), Systematic Transfer Plan (STP) Systematic Withdrawal Advantage Plan (SWAP), Dividend Transfer Plan (DTP), HDFC Flexindex Plan and HDFC Swing Systematic Transfer Plan are not available under this Scheme.

Account Statements The AMC shall send an allotment confirmation specifying the units allotted by way of e-mail and/or SMS within 5 Business Days of receipt of valid application to the Unit holders registered e-mail address and/or mobile number.

As the units of the Scheme will be issued, traded and settled compulsorily in dematerialized (electronic) form, the statement of holding of the Unitholder i.e. beneficiary account holder will be sent by the respective DPs/ Depositories periodically, as per applicable rules.

A statement of holding indicating units held by a unit holder in the Segregated Portfolio, if any, along with the NAV of both Segregated Portfolio and Main Portfolio as on the day of the Credit Event shall be sent to the unit holder within 5 working days of creation of the Segregated Portfolio, if any.

Dividend The Dividend proceeds will be credited to the bank account of the Unitholder, as per the bank account details recorded with the Depository Participant through electronic modes or by forwarding a Warrant / Cheque / Demand Draft based on the list provided by the Depositories (NSDL/ CDSL) giving the details of the demat account holders and the number of Units held by them in demat form on the Record date within the stipulated 30 day period failing which the AMC shall be liable to pay interest @ 15% per annum to the Unitholders.

Redemption On an ongoing basis, when existing and new investors make subscriptions, a lien on Units allotted will be created, and such Units shall not be available for redemption until the payment proceeds are realised by the Scheme. In case the cheque/draft is dishonoured by the bank, the transaction shall be reversed and the Units allotted earlier shall be cancelled. In case a Unit holder requests for redemption of “ALL UNITS” soon after making purchase, where the funds have not have not yet been realized, only “FREE UNITS” i.e. where funds have been clearly realized, will be redeemed. Units will be redeemed on First In First Out (FIFO) basis.

Redemption by NRIs/PIOs/OCIs/FPIs

Payment to NRI/PIOs/OCIs/FPI Unit holders will be subject to the relevant laws/guidelines of the RBI as are applicable from time to time (also subject to deduction of tax at source as applicable).

In the case of NRIs/PIOs/OCIs

Subject to RBI/FEMA Regulations, redemption proceeds may be :

(i) Credited to the Unitholder’s NRO account, where the payment for the purchase of the Units redeemed was made out of funds held in NRO account; or

(ii) Credited at the Unitholder’s option to the NRE/FCNR/NRO account, where the Units were purchased on repatriation basis and the payment for such purchase was made by inward remittance through normal banking channels or out of funds held in NRE/FCNR account of the Unitholder; or

(iii) Remitted abroad.

In the case of FPIs

The Fund will credit the net amount of redemption proceeds of such Units to the foreign currency account or Special Non-Resident Rupee Account of the FPI.

Also refer section ‘Redemption in Unit Creation Size’ on Page 22.

Redemption proceeds will be paid by cheques, marked “Account Payee only” and drawn in the name of the sole holder/first-named holder (as determined by the records of the Registrar & Transfer Agent) in case of specific request made by Authorised Participants /Large Investors. The bank and/or collection charges, if any, will be borne by the applicant.


BANK DETAILS

In order to protect the interest of Unit holders from fraudulent encashment of redemption/ dividend cheques, SEBI has made it mandatory for investors to provide their bank details viz. name of bank, branch, address, account type and number, etc. to the Mutual Fund. Investors will receive their redemption payout/ dividend proceeds directly into their bank accounts linked to the demat accounts. Hence, investors should ensure to furnish those Bank Account details in the application form. The bank account registered in the folio of a minor should be that of the minor or should be a joint account of the minor with the guardian. Applications without complete bank details shall be rejected. The AMC will not be responsible for any loss arising out of fraudulent encashment of cheques/warrants and/ or any delay/loss in transit.

For investors holding Units in demat mode, the procedure for change in bank details would be as per the instructions given by their respective Depository Participant(s).

Change of Address

As units would be in demat mode, the procedure for change in address would be as determined by the depository participant.

Unit holders are advised to provide their contact details like telephone numbers, mobile numbers and email IDs to HDFC Mutual Fund in writing.

The AMC/Trustee reserves the right to amend the aforesaid requirements.

Delay in payment of redemption/repurchase proceeds

The Asset Management Company shall be liable to pay interest to the Unit holders at 15% or such other rate as may be prescribed by SEBI from time to time, in case the redemption/repurchase proceeds are not dispatched within 10 Business Days of the date of Redemption/repurchase.

However, the Asset Management Company will not be liable to pay any interest or compensation or any amount otherwise, in case the AMC/Trustee is required to obtain from the investor/Unit holders verification of identity or such other details relating to subscription for Units under any applicable law or as may be requested by a regulatory body or any government authority, which may result in delay in processing the application.


C. PERIODIC DISCLOSURES

Net Asset Value

This is the value per unit of the scheme on a particular day. You can ascertain the value of your investments by multiplying the NAV with your unit balance.

The AMC will calculate and disclose the first NAV of the Scheme not later than 5 Business Days from the allotment of units under the NFO of the Scheme. Subsequently, the NAVs will be calculated and disclosed at the close of every Business Day in the following manner:i) Displayed on the website of the Mutual Fund (www.hdfcfund.com)ii) Displayed on the website of Association of Mutual Funds in India (AMFI) (www.

amfiindia.com).iii) Any other manner as may be specified by SEBI from time to time.The Net Asset Value (NAV) of Segregated Portfolio, if any, shall be declared on daily basis. Mutual Fund / AMC will provide facility of sending latest available NAVs to unitholders through SMS, upon receiving a specific request in this regard. AMC shall update the NAVs on the website of the Fund and AMFI by 11.00 p.m. every Business day. In case of any delay in uploading on AMFI website, the reasons for such delay would be explained to AMFI in writing. If the NAVs are not available before commencement of business hours on the following day due to any reason, Mutual Fund shall issue a press release providing reasons and explaining when the Mutual Fund would be able to publish the NAVs.

Daily Performance Disclosure The AMC shall upload performance of the Scheme on a daily basis on AMFI website in the prescribed format along with other details such as Scheme AUM and previous day NAV, as prescribed by SEBI from time to time.

Portfolio Disclosure The Mutual Fund/ AMC will disclose portfolio (along with ISIN) of the Scheme, including Segregated Portfolio, if any, in the prescribed format, as on the last day of the month/ half-year i.e. March 31 and September 30, on its website viz. www.hdfcfund.com and on the website of Association of Mutual Funds in India (AMFI) viz. www.amfiindia.com within 10 days from the close of each month/ half-year respectively. In case of unitholders whose e-mail addresses are registered, the Mutual Fund / AMC will send via email both the monthly and half-yearly statement of scheme portfolio within 10 days from the close of each month / half-year respectively.Mutual Fund / AMC will publish an advertisement every half-year in the all India edition of at least two daily newspapers, one each in English and Hindi, disclosing the hosting of the half-yearly statement of the Scheme portfolio on its website and on the website of Association of Mutual Funds in India (AMFI). Mutual Fund / AMC will provide a physical copy of the statement of its Scheme portfolio, without charging any cost, on specific request received from a unitholder.

Monthly Average Asset under Management (Monthly AAUM) Disclosure

The Mutual Fund shall disclose the Monthly AAUM under different categories of Schemes as specified by SEBI in the prescribed format on a monthly basis on its website viz. www.hdfcfund.com and forward to AMFI within 7 working days from the end of the month.

Half Yearly Results The Mutual Fund shall host half yearly disclosures of the Scheme’s’ unaudited financial results in the prescribed format on its website viz. www.hdfcfund.com within one month from the close of each half year i.e. on 31st March and on 30th September and shall publish an advertisement in this regard in at least one English daily newspaper having nationwide circulation and in a newspaper having wide circulation published in the language of the region where the Head Office of the Mutual Fund is situated.

Annual Report Scheme Annual report in the format prescribed by SEBI, will be hosted on the website of the Fund viz. www.hdfcfund.com and on the website of Association of Mutual Funds in India (AMFI) viz. www.amfiindia.com as soon as may be but not later than four months from the date of closure of the relevant accounts year (i.e. 31st March each year). Mutual Fund / AMC will publish an advertisement every year, in the all India edition of at least two daily newspapers, one each in English and Hindi, disclosing the hosting of the Scheme wise Annual Report on the website of the Fund and on the website of Association of Mutual Funds in India (AMFI).Mutual Fund / AMC will e-mail the Scheme Annual Report or Abridged Summary thereof to those unitholders, whose email addresses are registered with the Mutual Fund. Investors who have not registered their email id will have an option of receiving a physical copy of the Annual Report or Abridged Summary thereof. Mutual Fund / AMC will provide a physical copy of the abridged summary of the Annual Report, without charging any cost, on specific request received from a unitholder through any mode. A physical copy of the scheme wise annual report shall be made available for inspection to the investors at the registered office of the AMC. A link of the scheme annual report or abridged summary thereof shall be displayed prominently on the website of the Fund and shall also be displayed on the website of Association of Mutual Funds in India (AMFI).


Disc losures w i th respec t to Segregated Portfolio, if any

The AMC shall make necessary disclosures as mandated by SEBI with respect to Segregated Portfolio, if any, in account statements, monthly/ half yearly portfolio statements, scheme annual report, Key Information Memorandum, SID, Scheme Advertisements, Scheme Performance data, AMC’s Website, etc. Further, unitholders under the Segregated Portfolio, if any, shall be duly informed of the recovery proceedings of the investments of the Segregated Portfolio. Status update may be provided to such unitholders at the time of recovery and also at the time of writing-off of the segregated securities.

Associate Transactions Please refer to ‘Statement of Additional Information (‘SAI’)’.

Taxation

The information is provided for general information only. However, in view of the individual nature of the implications, each investor is advised to consult his or her own tax advisors/authorised dealers with respect to the specific amount of tax and other implications arising out of his or her participation in the schemes.

HDFC Mutual Fund is a Mutual Fund registered with the Securities & Exchange Board of India and hence the entire income of the Mutual Fund will be exempt from the Income tax in accordance with the provisions of section 10(23D) of the Income Tax Act, 1961 (the Act). The applicability of tax laws, if any, on HDFC Mutual Fund/ Scheme(s)/ investments made by the Scheme(s) /investors/ income attributable to or distributions or other payments made to Unit holders are based on the understanding of the current tax legislations.Equity oriented Funds1

Tax implications on distributed income (hereinafter referred to as either ‘dividend’ or ‘capital gains’) by Mutual Funds:

Resident Investors^^ Non-Resident Investors^^

Mutual Fund^^

Dividend:TDS 10%

(refer Note A below)2 0 % 2+ a p p l i c a b l e Surcharge + 4% Cess3

Nil(refer Note B below)

Tax rates Individual / HUF:I n c o m e t a x r a t e applicable to the Unit holders as per their income slabsDomestic Company:30% + Surcharge as applicable + 4% Cess3

25%4 +Surcharge as applicable + 4% Cess3

22%5 + 10% Surcharge5 + 4% Cess3

15%5 + 10% Surcharge5 + 4% Cess3

2 0 % + a p p l i c a b l e Surcharge + 4% Cess3

Nil(refer Note B below)

Capital Gains2 6:Long Term (per iod of holding more t h a n 1 2 months)

10% without indexation7 + applicable Surcharge + 4% Cess3

10% without indexation and foreign currency fluctuation benefits7 + applicable Surcharge + 4% Cess3

Nil

Short Term (per iod of h o l d i n g less than or equal to 12 months)

15% + appl i cab le Surcharge + 4% Cess3

15% + appl i cab le Surcharge + 4% Cess3

Nil

Note:1. The Central Board of Direct Taxes issued a Press Release dated May 13, 2020 stating

that TDS rate on the amount paid or credited to residents during the period from May 14, 2020 to March 31, 2021 has been reduced by 25%. The same shall be deducted at the reduced TDS rate of 7.5% (instead of 10%) on ‘payment of dividend by Mutual Funds’ under section 194K. It is also clarified that there shall be no reduction in rates of TDS, where the tax is required to be deducted at higher rate due to non-furnishing of PAN / Aadhaar. Legislative amendments in this regard shall be proposed in due course.

B. Finance Act, 2020 has abolished the levy of tax on distributed income payable by Mutual Funds w.e.f. April 1, 2020 and instead provides to tax income from mutual fund units in the hands of the unit holders at their applicable rates.

1 Equity Oriented Funds will also attract Securities Transaction Tax at applicable rates.


D. COMPUTATION OF NAV

The Net Asset Value (NAV) per Unit of the Scheme will be computed by dividing the net assets of the Scheme by the number of Units outstanding under the Scheme on the valuation date. The Mutual Fund will value its investments according to the valuation norms, as specified in Schedule VIII of the SEBI (MF) Regulations, or such norms as may be specified by SEBI from time to time.

In case of any conflict between the Principles of Fair Valuation and valuation guidelines specified by SEBI, the Principles of Fair Valuation shall prevail.

NAV of Units of under the Scheme shall be calculated as shown below:

NAV (Rs.) per Unit =

Market or Fair Value of the Scheme’s Investments + Current Assets Current Liabilities and

Provisions

No. of Units outstanding under each Scheme

The NAV of the Scheme will be calculated and disclosed at the close of every Business Day.

The NAV of the Scheme will be calculated upto 2 decimals.

2 As per the provisions of section 196A which is specifically applicable in case of non-resident unitholders, a withholding tax rate of 20% (plus applicable surcharge and cess) on any income in respect of units of a Mutual Fund credited / paid to non-resident unitholders shall apply, as section 196A does not make reference to “rates in force” but provides the withholding tax rate of 20% (plus applicable surcharge and cess).3 Health and education Cess shall be applicable at 4% on aggregate of base tax and surcharge.4 The Finance Act, 2020 provides that in case of domestic company, the rate of income-tax shall be 25% if its total turnover or gross receipts in the financial year 2018-19 does not exceed Rs. 400 crores.5 The corporate tax rates for domestic companies (not claiming specified incentives and deductions) at the rate of 22% under section 115BAA and domestic manufacturing companies (not claiming specified incentives and deductions) set-up and registered on or after 1 October 2019 at the rate of 15% under section 115BAB. The Finance Act, 2020, has expanded the definition of ‘business of manufacture or production of any article or thing’ to include ‘the business of generation of electricity’. Also, the list of specified incentives and deductions has been expanded to include all deductions covered under Chapter VI-A other than section 80JJAA (deduction in respect of employment of new employees) and section 80M (deduction in respect of certain inter-corporate dividends). The tax computed in case of domestic companies whose income is chargeable to tax under section 115BAA or section 115BAB shall be increased by a surcharge at the rate of 10%.6 Short term/ long term capital gain tax will be deducted at the time of redemption of units in case of NRI investors only. However, the Finance Act, 2020 provides withholding tax of 20% on any income in respect of units of mutual fund in case of non-residents as per section 196A of the Act. Hence, based on language provided in said section, it seems that apart from any income distributed to NRI, withholding tax at 20% may be applicable on capital gains notwithstanding that such capital gains are taxable at a rate lower than 20%.7 Section 112A provides that long term capital gains arising from transfer of a long term capital asset being a unit of an equity oriented fund shall be taxed at 10% (without indexation and foreign currency fluctuation benefit) of such capital gains exceeding one lakh rupees. The concessional rate of 10% shall be available only if STT has been paid on transfer in case of units of equity-oriented mutual funds.^^ The information given herein is as per the amendments provided in the Finance Act, 2020. For further details on taxation, please refer to the Section on Taxation on investing in Mutual Funds in Statement of Additional Information {SAI}. Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of the individual nature of tax implications, investors are advised to consult their professional tax advisor.

Investor services Investors may contact any of the Investor Service Centres (ISCs) of the AMC for any queries/clarifications at telephone number 1800 3010 6767/1800 419 7676 (toll free), Fax number. (022) 22821144, e-mail: [email protected]. Investors can also post their grievances/feedback/suggestions on our website www.hdfcfund.com under the section ‘Feedback or queries’ appearing under ‘Contact Us’. The Head Office of the AMC will follow up with the respective ISCs to ensure timely redressal and prompt investor services. Mr. John Mathews, Head - Client Services can be contacted at Ramon House, 1st Floor, 169, Backbay Reclamation, Churchgate, Mumbai - 400020 at telephone number (Direct) (022) 66316301 or telephone number (Board) (022) 66316333. His e-mail contact is: [email protected] any grievances with respect to transactions through NSE/BSE, the investors/Unit Holders should approach the investor grievance cell of the stock exchange.


IV. FEES AND EXPENSESThis section outlines the expenses that will be charged under the Scheme and also about the transaction charges to be borne by the investors. The information provided under this Section seeks to assist the investor in understanding the expense structure of the Scheme and types of different fees / expenses/ loads and their percentage the investor is likely to incur on purchasing and selling the Units of the Scheme.

A. NEW FUND OFFER EXPENSES

These expenses are incurred for the purpose of various activities related to the NFO like marketing and advertising, registrar expenses, printing and stationary, bank charges etc.

The New Fund Offer (NFO) Expenses will be borne by the AMC/ the Trustee Company.

B. ANNUAL SCHEME RECURRING EXPENSES

These are the fees and expenses for operating the Scheme. These expenses include but are not limited to Investment Management and Advisory Fees charged by the AMC, Registrar and Transfer Agents’ Fees, Marketing and Selling costs, listing fees, etc.

The AMC has estimated that the following expenses will be charged to the Scheme, as permitted under Regulation 52 of SEBI (MF) Regulations. For the actual current expenses being charged, the investor should refer to the website of the Mutual Fund viz. www.hdfcfund.com.

Expense Head % of daily net assets (estimated)

(p.a.)

Investment Management and Advisory Fees

1.00

Trustee Fees & Expenses1

Audit Fees & Expenses

Custodian Fees & Expenses

RTA Fees & Expenses

Marketing & Selling expenses2

Cost related to investor communications

Cost of fund transfer from location to location

Cost of providing account statements and dividend/redemption cheques and warrants

Costs of statutory Advertisements

Cost towards investor education & awareness (at least 0.02% p.a.)3

Brokerage & transaction cost over and above 0.12% on value of trades for cash market trades and 0.05% for derivatives transactions.

GST on brokerage and transaction cost4

Other Expenses such as listing fees etc.

Maximum total expense ratio (TER) permissible under Regulation 52 (6)5

1.00

Notes:

1 Trustee fees and expenses

In accordance with the Trust Deed constituting the Mutual Fund, the Trustee is entitled to receive, in addition to the reimbursement of all costs, charges and expenses, a quarterly fee computed at a rate not exceeding 0.10% per annum of the daily net assets of Scheme or a sum of Rs.15,00,000/- per annum, whichever is higher. Such fee shall be paid to the Trustee within seven working days from the end of each quarter every year, namely, within 7 working days from June 30, September 30, December 31 and March 31 of each year. The Trustee may charge further expenses as permitted from time to time under the Trust Deed and SEBI (MF) Regulations.

2 Marketing and selling expenses

The Scheme shall not incur any distribution expenses and no commission shall be paid by the Scheme.

3 Investor Education and Awareness initiatives

As per Para F of the SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13, 2012, the AMC shall annually set apart at least 2 basis points p.a. (i.e. 0.02% p.a.) on daily net assets of the Scheme within the limits of total expenses prescribed under Regulation 52 of SEBI (MF) Regulations for investor education and awareness initiatives undertaken.

4 Refer Point (3) below on GST on various expenses.

5 The expenses towards Investment Management and Advisory Fees under Regulation 52 (2) and the various sub-heads of recurring expenses mentioned under Regulation 52 (4) of SEBI (MF) Regulations are fungible in nature. Thus, there shall be no internal sub-limits within the expense ratio for expense heads mentioned under Regulation 52 (2) and (4) respectively.

The total expenses of the ETF Scheme including the investment management and advisory fee shall not exceed one % (1.00%) of the daily net assets and such other limits as stated in Regulation 52(6).

The purpose of the above table is to assist the Investor in understanding the various costs and expenses that an Investor in the Scheme will bear directly or indirectly. The figures in the table above are estimates. The actual expenses that can be charged to the Scheme will be subject to limits prescribed from time to time under the SEBI (MF) Regulations. Currently these are as under:

(1) Maximum Total Expense Ratio under Regulation 52 (6):

The total expenses including the investment management and advisory fees shall not exceed 1.00% of the daily net assets.

TER in respect of Segregated Portfolio, if any

a) The AMC will not charge investment and advisory fees on Segregated Portfolio, if any. However, TER (excluding investment and advisory fees) may be charged, on a pro-rata basis only upon recovery of the investments in Segregated Portfolio.


b) The TER so levied shall not exceed the simple average of such expenses (excluding the investment and advisory fees) charged on daily basis on the Main Portfolio (in % terms) of the Scheme during the period for which Segregated Portfolio was in existence.

c) The legal charges related to recovery of the investments of the Segregated Portfolio may be charged to the Segregated Portfolio in proportion to the amount of recovery. However, the same shall be within the maximum TER limit as applicable to the Main Portfolio. The legal charges in excess of the TER limits, if any, shall be borne by the AMC.

d) The costs related to Segregated Portfolio shall in no case be charged to the Main Portfolio.

(2) Additional Expenses under Regulation 52 (6A):

Brokerage and transaction costs incurred for execution of trades and included in the cost of investment not exceeding 0.12% of the value of trades in case of cash market transactions and 0.05% of the value of trades in case of derivatives transactions.

In accordance with SEBI circular no. CIR/IMD/DF/24/2012 dated November 19, 2012, any payment towards brokerage and transaction cost, over and above the said 0.12% and 0.05% for cash market transactions and derivatives transactions respectively, may be charged to the Scheme within the maximum limit of Total Expense Ratio (TER) as prescribed under Regulation 52 (6) of the SEBI (MF) Regulations, 1996.

(3) GST

As per Para B of the SEBI Circular No.CIR/IMD/DF/21/2012 dated September 13, 2012, GST shall be charged as follows:

1. GST on investment management and advisory fees shall be charged to the Scheme in addition to the maximum limit on TER as prescribed in Regulation 52 (6) of the SEBI (MF) Regulations.

2. GST on other than investment management and advisory fees, if any, shall be borne by the Scheme within the maximum limit on TER as prescribed in Regulation 52 (6) of the SEBI (MF) Regulations.

3. GST on brokerage and transaction cost paid for execution of trade, if any, shall be within the limit prescribed under Regulation 52 of the SEBI (MF) Regulations.

The total expenses of the Scheme including the Investment Management and Advisory Fee shall not exceed the limits stated in Regulation 52 of the SEBI (MF) Regulations.

The mutual fund would update the current expense ratios on the website (www.hdfcfund.com) at least three working days prior to the effective date of the change and update the TER under the Section titled “Statutory Disclosures” under sub-section titled “Total Expense Ratio of Mutual Fund Schemes”.

Illustration: Impact of Expense Ratio on Scheme’s return:

Expense ratio, normally expressed as a percentage of Average Assets under Management, is calculated by dividing the permissible expenses under the Regulations by the average net assets.

To further illustrate the above, for the Scheme under reference, suppose an Investor invested Rs. 10,000/- (net of transaction charges and

statutory levies, if any and applicable stamp duty) the impact of expenses charged will be as under:

Amount (Rs.) Units NAV (Rs.)

Invested in the NFO (A) 10,000.00 1000 10.0000

Value of above investment after 1 year from the date of allotment (post all applicable expenses) (B)

10,648.523 1000 10.6485

Expenses charged during the year (C) 100.00

Value of above investment after 1 year from the date of allotment (after adding back all expenses charged) (D)

[D= B+C]

10,748.52 1000 10.7485

Returns (%) (post all applicable expenses) (E)

[E= (B-A)/A]

6.49%

Returns (%) (without considering any expenses) (F)

[F= (D-A)/A]

7.49%

Note(s):• Thepurposeof theabove illustration is topurelyexplain the impactofexpenseratiochargedto theSchemeandshouldnotbe

construed as providing any kind of investment advice or guarantee of returns on investments. • Itisassumedthattheexpenseschargedareevenlydistributedthroughouttheyear.• CalculationsarebasedonassumedNAVs,andactualreturnsonyourinvestmentmaybemore,orless.• Anytaximpacthasnotbeenconsideredintheaboveexample,inviewoftheindividualnatureofthetaximplications.Eachinvestoris

advised to consult his or her own financial advisor.


C. TRANSACTION CHARGES

For details refer section ‘Highlights/Summary of the Scheme’ on Page 4.

D. LOAD STRUCTURE

Load amounts are variable and are subject to change from time to time. For the current applicable structure, please refer to the website of the Fund (www.hdfcfund.com) or call at Toll Free No. 1800 233 6767 /1800 419 7676 or your distributor

Particulars (as a % of Applicable NAV)

HDFC Banking ETF (the ETF)

Entry/Sales Load Not Applicable

Pursuant to SEBI Circular No.SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009, no entry load will be charged by the Scheme to the investor.

Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.

Entry load is not applicable for Segregated Portfolio, if any, since subscription and redemptions shall not be allowed in such Segregated Portfolio.

Exit Load For Creation Unit Size:

• No Exit load will be levied onredemptions made by Authorised Participants/ Large Investors directly with the Fund in Creation Unit Size.

For other than Creation Unit Size:

• NotApplicable

The Units of the ETF in other than Creation Unit Size cannot ordinarily be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on the Exchange(s) where it is listed during the trading hours on all trading days.

Exi t load is not applicable for Segregated Portfolio, if any, since subscription and redemptions shall not be allowed in such Segregated Portfolio.

Investors other than Authorised Participants can redeem units directly with the Fund for less than Creation Unit size at Applicable NAV based prices of units without any exit load if:

1. The closing traded price of the units of the Scheme is at a discount of more than 3% to the day end NAV for 30 consecutive trading days; or

2. Discount of bid price to day end NAV over a period of 7 consecutive trading days is greater than 3%, or

3. There are no quotes or trades available on the Stock Exchange(s) for 3 consecutive trading days, or

4. Total bid size on the exchange is less than half of Creation Units size daily, averaged over a period of 7 consecutive trading days.

Such instances shall be tracked by the AMC on an ongoing basis and in case if any of the above mentioned scenario arises, the same shall be disclosed on the website of the Mutual Fund.

The Redemption Price however, will not be lower than 93% of the NAV, and the Sale Price will not be higher than 107% of the NAV, provided that the difference between the Redemption price and Sale price at any point in time shall not exceed the permitted limit as prescribed by SEBI from time to time which is presently 7% calculated on the Sale Price.

E. WAIVER OF LOAD FOR DIRECT APPLICATIONS

Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, 2009 no entry load shall be charged for all mutual fund Schemes.

Therefore, the procedure for waiver of load for direct applications is no longer applicable

F. STAMP DUTY ON ALLOTMENT/ TRANSFER OF UNITS*

Mutual fund units issued against Purchase transactions (whether through lump-sum investments or SIP or STP or switch-ins or dividend reinvestment) would be subject to levy of stamp duty @ 0.005% of the amount invested. Transfer of mutual fund units (such as transfers between demat accounts) are subject to payment of stamp duty @ 0.015%. The rate and levy of stamp duty may vary as amended from time to time.

* Pursuant to Notification No. S.O. 4419(E) dated December 10, 2019 issued by Department of Revenue, Ministry of Finance, Government of India, read with Part I of Chapter IV of Notification dated February 21, 2019 issued by Legislative Department, Ministry of Law and Justice, Government of India on the Finance Act, 2019, and subsequent Notification dated March 30, 2020 issued by Department of Revenue, Ministry of Finance, Government of India.

The stamp duty will be deducted from the net investment amount i.e. gross investment amount less any other deduction like transaction charge. Units will be created only for the balance amount i.e. net investment amount as reduced by the stamp duty. The stamp duty will be computed at the rate of 0.005% on an inclusive method basis as illustrated below:

For instance: If the investment amount is Rs. 100,100 and the transaction charge is Rs. 100, the stamp duty will be calculated as follows: ((Investment Amount – Transaction Charge) / 100.005) *0.005 = Rs. 5. If the applicable Net Asset Value (NAV) is Rs. 10 per unit, then units allotted will be calculated as follows: (Investment Amount - Transaction Charge - Stamp Duty)/ Applicable NAV = 9,999.50 units.

Note: For ETF, units will be issued in whole figures and balance will be refunded.

V. RIGHTS OF UNIT HOLDERS Please refer to ‘Statement of Additional Information

(‘SAI’)’ for details.


VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF INSPECTIONS OR INVESTIGATIONS FOR WHICH ACTION MAY HAVE BEEN TAKEN OR IS IN THE PROCESS OF BEING TAKEN BY ANY REGULATORY AUTHORITY

1. Penalties and action(s) taken against foreign Sponsor(s) limited to the jurisdiction of the country where the principal activities (in terms of income / revenue) of the Sponsor(s) are carried out and where the headquarters of the Sponsor(s) is situated. Also, top 10 monetary penalties of foreign Sponsor(s) during the last three years.

None.

2. In case of Indian Sponsor(s), details of all monetary penalties imposed and / or action taken during the last three years or pending with any financial regulatory body or governmental authority, against Sponsor(s) and / or the AMC and / or the Board of Trustees / Trustee Company; for irregularities or for violations in the financial services sector, or for defaults with respect to share holders or debenture holders and depositors, or for economic offences, or for violation of securities law. Details of settlement, if any, arrived at with the aforesaid authorities during the last three years shall also be disclosed.

i) Pursuant to inspection of the Fund conducted by SEBI for the period April 1, 2014 to March 31, 2016, SEBI issued letters dated May 31, 2018 to AMC and Trustee informing about initiation of quasi judicial proceedings against them in respect of certain alleged violations under SEBI MF Regulations and circulars and / or guidelines issued thereunder. The AMC and Trustee preferred settlement of the matter, without admission or denial of guilt, under SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014. SEBI issued settlement order nos. PM/RR/13/2018-19 and PM/RR/14/2018-19 both dated December 4, 2018 in this regard stating that the quasi judicial proceedings had been disposed off.

ii) SEBI issued show cause notices in May and June 2019 to AMC, Trustees and certain Key Personnel of AMC (collectively “the Noticees”) for alleged violations of SEBI MF Regulations in the matter of four Fixed Maturity Plans (FMPs) holding debt instruments of Essel Group Companies. The Noticees preferred settlement of the matter, without admission or denial of guilt, under SEBI (Settlement Proceedings) Regulations, 2018. SEBI issued Settlement Order no. SO/EFD-2/SD/337/April/2020 dated April 16, 2020 in this regard whereby the enforcement action and enforcement proceedings had been disposed off against all Noticees.

3. Details of all enforcement actions (including the details of violation, if any) taken by SEBI in the last three years and/ or pending with SEBI for the violation of SEBI Act, 1992 and Rules and Regulations framed there under including debarment and/ or suspension and/ or cancellation and/ or imposition of monetary penalty/adjudication/ enquiry proceedings, if any, to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee Company and/

or any of the directors and/ or key personnel (especially the fund managers) of the AMC and Trustee Company were/ are a party.

Please refer to the disclosures at point 2 (i) and (ii) above.

4. Any pending material civil or criminal litigation incidental to the business of the Mutual Fund to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee Company and/ or any of the directors and/ or key personnel are a party.

(i) In accordance with applicable SEBI MF Regulations and the relevant Scheme Information Document’s (SID) a few of the schemes of HDFC Mutual Fund (“the Fund”) had made investments in Pass Through Certificates (PTCs) of certain securitisation trusts (“the Trusts”). The returns filed by few of these securitisation trusts whose PTCs were held by the Fund were taken up for scrutiny by the Income Tax Authorities for Assessment Years 2007-08, 2008-09, 2009- 10 and 2010-11. Arising out of this, they had raised a tax demand on such Trusts. On failure to recover the same from them, they sent demand notices to the Fund along with other Mutual Funds as beneficiaries / contributors to such Trusts. The Fund in consultation with its tax and legal advisors had contested the applicability of such demand and got the attachment order vacated by the Mumbai High Court in March 2012. The Securitisation Trusts on their part have contested the matter and the ITAT has upheld their appeal and dismissed the contentions and all the cross - appeals filed by the Tax Authorities. We are given to understand that the Tax Authorities have on their part preferred an appeal in the High Court against the ITAT order, where the matter is now at a pre-admission stage and have also filed a Miscellaneous application before the ITAT, where the matter is at the hearing stage.

(ii) HDFC Mutual Fund (“the Fund”), through its various schemes, holds secured Non-Convertible Debentures (NCD) aggregating to a sum of Rs.232.5 Crores of Hazaribagh Ranchi Expressway Limited (HREL) which is a subsidiary of IL&FS Transport Networks Limited (ITNL). ITNL is a subsidiary of Infrastructure Leasing & Financial Services Limited (IL&FS). Vide Order dated October 1, 2018 passed by National Company Law Tribunal (NCLT), a new Board of Directors was appointed for IL&FS. Further, in the matter of Company Appeal No. 346 of 2018 and Company Appeal No. 347 of 2018 between Union of India (UOI) and IL&FS before the National Company Law Appellate Tribunal (NCLAT), Order dated October 15, 2018 was passed, pursuant to which inter alia, stay was imposed on declaring any event of default and also on initiating any legal proceedings against all the IL&FS group companies (including HREL). Subsequently, Affidavits were filed by UOI as well as IL&FS stating that inter alia all IL&FS group companies in India have been segregated into three categories viz. Green, Amber and Red on the basis of “12 month cash flow solvency test” (Testing Period):


Green: Green companies are fully capable of meeting all obligations of that entity (both operational and financial, both secured and unsecured) during the Testing Period;

Amber: Amber companies are only able to meet payment obligations to operational and secured creditors during the Testing Period; and

Red: Red Companies are entities which cannot meet their respective payment obligations towards even the secured financial creditor during the Testing Period.

HREL has been classified as “Amber” category. The NCLAT passed orders confirming the aforesaid proposals submitted by IL&FS. Given the circumstances, HDFC AMC acting as the investment manager for the Fund has filed an intervention application before the NCLAT for securing the recovery of the entire Debt on the NCDs. Similar intervention applications were filed by various lenders to the IL&FS group. L&T Infrastructure Finance Company Limited (L&T), being one of the lenders to HREL filed an appeal with the Supreme Court against the interim orders passed by the NCLAT; and HDFC AMC has filed an intervention application before the Supreme Court in the appeal filed by L&T. IL&FS invited bids for sale of HREL, for which a conditional consent was provided by HDFC AMC. However, subsequently; IL&FS unilaterally filed a modified resolution plan with the NCLAT which was opposed by HDFC AMC as well as the other lenders. The Supreme Court passed an Order dated March 5, 2020 asking the NCLAT to pass a final order; following which NCLAT passed a final Order dated March 12, 2020 inter alia approving the modified resolution plan submitted by IL&FS; and directing the completion of sale of various IL&FS group companies including HREL through the bidding process and distribution of proceeds to its creditors. HDFC AMC is examining the said Order passed by the NCLAT.

5. Any deficiency in the systems and operations of the Sponsor(s) and/ or the AMC and/ or the Board of Trustees/ Trustee Company which SEBI has specifically advised to be disclosed in the SID, or notified by any other regulatory agency.

None.

Notes:

1. Any amendments/replacement/re-enactment of SEBI (MF) Regulations subsequent to the date of the Scheme Information Document shall prevail over those specified in this Scheme Information Document.

2. The Scheme under this Scheme Information Document was approved by the Trustee vide its resolution dated July 27, 2015. It is ensured by the Trustee that the Scheme has received in-principle approvals for listing on November 8, 2019 from NSE and on November 7, 2019 from BSE and that the appropriate disclosures pertaining to listing of Units are made in this Scheme Information Document.

3. Notwithstanding anything contained in this Scheme Information Document, the provisions of the SEBI (Mutual Funds) Regulations, 1996 and the guidelines there under shall be applicable.

For and on behalf of the Board of Directors of HDFC Asset Management Company Limited

MILIND BARVE Managing Director

Place : Mumbai Date : July 29, 2020


HDFC ASSET MANAGEMENT COMPANY LIMITED (HDFC AMC LIMITED) – INVESTOR SERVICE

CENTRES / OFFICIAL POINTS OF ACCEPTANCE FOR HDFC MUTUAL FUND

(During NFO Period and Post NFO Period)

ANDHRA PRADESH : HDFC AMC Ltd., 18-2-299/B, 1st Floor, Leela Mahal Circle, Tirumala Bypass Road, Tirupati - 517 507. Tel: (0877) 2222

871 / 872 / 873 / 874, Fax: (0877) 2222689. HDFC AMC Ltd., 2nd Floor, HDFC Bank Complex, Near Benz Circle, M. G. Road, Vijayawada- 520

010. TeleFax: (0866) 3988029. HDFC AMC Ltd., First Floor, Saigopal Arcade, Waltair Main Road, Siripuram, Visakhapatnam - 530 003. Tel: (0891)

3263457/, 6634001, Fax. No.: (0891) 6634004. ASSAM : HDFC AMC Ltd., Premises- 1C, 1st Floor, Ganpati Enclave, G.S.Road, Guwahati- 781

007. Tel: (0361) 2464759/60. Fax: (0361) 2464758. HDFC AMC Ltd., Ground Floor, Prithvi Tower, Devi Pukhuri Road, Opp. IDBI Bank, Tinsukia -

786 125. Tel: (0374) 2330058 / 2330059 / 2330057 / 2330056. BIHAR : HDFC AMC Ltd., Ishwari Complex, 1st Floor, Dr. Rajendra Prasad Road,

Bhagalpur - 812 002. Tel: (0641) 2300 390, Fax: (0641) 2300391. HDFC AMC Ltd., Ground Floor, Zion Complex, Opp. Fire Brigade, Swarajpuri

Road, Gaya - 823 001. Tel No - 0631 – 2222504, Fax No - 0631 – 2222504.HDFC AMC Ltd., Premises No. 04, 1st Floor, Dighra House, KPS Market,

(Above Bandhan Bank), Pani Tanki Chowk, Ramna, Muzaffarpur - 842001. Tel: (0621) 2245036/37, Fax: (0621) 2245037. HDFC AMC Ltd., C/

o Hera Enclave (Above TATA Docomo Office), 1st Floor, New Dak Bunglow Road, Patna - 800 001. Tel: (0612) 6457554/6457557/3201439, Telefax:

(0612) 2200747. CHHATTISGARH : HDFC AMC Ltd., Shop No 1, Ground Floor, Old Sada Office Block, Nehru Nagar East, Bhilai–492020. Tel:

(0788) 4092948, 4092846, Fax: (0788) 4092901. HDFC AMC Ltd., 2nd Floor, Rama Trade Centre, Opposite Rajiv Plaza, Near Bus stand, Bilaspur –

495 001. Tel: (07752) 400305/ 06. Fax: (07752) 400307. HDFC AMC Ltd., Ground Floor, Chawla Complex, Devendra Nagar, Sai Nagar Road, Near

Vanijya Bhawan, Near Indhira Gandhi Square, Raipur - 492 001. Tel: (0771) 4020 167 / 168. DELHI : HDFC AMC Ltd., Ground Floor - 2 & 3 and

First Floor, Prakashdeep Building, 7, Tolstoy Marg, Connaught Place, New Delhi - 110 001. Tel: (011) 6632 4082, Fax: (011) 23351317 /18. HDFC

AMC Ltd; 402, 4th Floor, Mahatta Tower, 54 B1 Block, Community Centre, Janakpuri, New Delhi -110058. Tel: 011-41082129/30, Fax : 011-

41082131. HDFC AMC Ltd; 134/4 , Bhandari House, Lala Lajpat Rai Marg, Kailash Colony - Main Road, Near Kailash Colony Metro Station, South

Delhi, New Delhi – 110 048. Tel : 011-29244801/02 Fax : 011-43009613G-1, Ground Floor, District Centre, Roots Tower, Laxmi Nagar, Near Nirman

Vihar Metro Station, New Delhi - 110092. Delhi. Landline No. 011-40071680, Fax No. 011-40071648. A-21, First Floor, Aurobindo Marg, Green

Park Main, New Delhi - 110016. Tel No - 011-40071720, Fax No - 011-40071691 GOA : HDFC AMC Ltd., Ground Floor, G3 & G4, Jivottam,

Minguel Miranda Road, Off. Abade Faria Road, Margao - 403 601. Salcete. Tel: (0832) 2737410 / 11. Fax: (0832) 2736477. HDFC AMC Ltd., S1,

Second Floor, Above Axis Bank, Edcon Centre, Angod, Mapusa - 403 507, Bardez, Goa. Tel: (0832) 2253 460 / 461, Fax: (0832) 2253465. HDFC

AMC Ltd., A-3, First Floor, Krishna Building, Opp. Education Department, Behind Susheela Building, G. P. Road, Panaji - 403 001. Tel: 0832 - 2425609,

2425610, Fax: 0832 - 2425614. HDFC AMC Ltd., 6, Ground Floor, Pereira Chambers, Padre Jose Vaz Road, Vasco - 403 802, Mormugao. Tel: (0832)

2513 402 / 406, Fax: (0832) 2513448. GUJARAT : HDFC AMC Ltd., 2nd Floor, Megha House, Besides GRUH House, Mithakhali Six Roads, Ahmedabad

- 380 009. Tel.: 079 – 40220099/00, Fax: 079 - 40050506. HDFC AMC Ltd., 2nd Floor, Amruta Arcade, Maninagar Station Road, Maninagar,

Ahmedabad - 380008. Tel.: 079-49062000 Fax: 079-49062009 HDFC AMC Ltd., Maruti Sharanam, No.117, 1st Floor, Anand-Vidhyanagar Road,

Opposite Nandbhumi Party Plot, Anand - 388 001. Tel: (02692) - 245182, Fax: (02692) - 398222. HDFC AMC Ltd., 3rd Floor, Shreemangalam Complex,

Above IDBI Bank, Patel Society Road, Ward No. 1, Kasak Circle, Bharuch - 392 012. Tel: (0264) 2227205, Fax: (0264) 2227206. HDFC AMC Ltd.,

2nd Floor, Gangotri Plaza, Opposite Daxinamurty School, Waghawadi Road, Bhavnagar - 364 001. Tel: (0278) - 3988029, Fax: (0278) - 3984039.

HDFC AMC Ltd., 1st Floor, B Wing, Katira Complex, RTO Circle, Bhuj - 370 001. Tel: (02832) 223 223, Fax: (02832) 251. 946 HDFC AMC Ltd., 2nd

Floor, Keshav Complex, P N Marg, Opposite Dhanvantry, Jamnagar - 361 001. Tel: (0288) - 2555663 , Fax: (0288) - 3982426. HDFC AMC Ltd.,

1st Floor, Nos. 104 – 105, MaryGold-2 Complex, Opp. Bahhaudin College, College Road, Junagadh- 362001. Tel: (0285) 2670622/23, Fax: (0285)

2670624. HDFC AMC Ltd., F-2, First Floor, Sigma Oasis Complex, Near HDFC Bank, State Highway Road, Mehsana - 384002. Tel: 02762-230121.

HDFC AMC Ltd., 1st Floor, Nandini Complex, Above HDFC Bank, Opp. Daboo Hospital, Station Road, Navsari- 396445. Tel: (02637) 252681/82/83,

Fax: (02637) 252684. HDFC AMC Ltd., 2nd Floor, Shiv Darshan, Dr. Radha Krishnan Road, 5, Jagnath, Plot Corner, Rajkot - 360 001. Tel: 0281-

6624881 / 82, Fax: 0281 - 6624883. HDFC AMC Ltd., U1 - U3, Jolly Plaza, Opp. Athwa Gate Police Station, Athwa Gate, Surat - 395 001. Tel:

0261 – 2460082 / 83, Fax: 0261 - 2460091. HDFC AMC Ltd., Upper Ground Floor, Gokulesh, R. C. Dutt Road, Vadodara - 390 007. Tel: 0265

- 6621110 / 20, Fax: 0265 - 6621150. HDFC AMC Ltd., 5-B, 2nd Floor, Sapphire Building, Daulatnagar, Chala-Vapi Road, Vapi - 396 191. Tel: (0260)

2465927, Fax: (0260) 2465827. HARYANA : HDFC AMC Ltd., 3rd Floor,Shanti Complex, Jagadhri Road Opp.Civil Hospital, Ambala Cantt - 133001.

Tel: (0171) 2631995. Fax: (0171) 2631994. HDFC AMC Ltd., TA - 12A, 15-18, Third Floor, Crown Plaza, Sector 15A, Mathura Road, Faridabad -

121 001. Tel: (0124) 2221 338 / 339 / 341 / 342 / 343, Fax: (0129) 2221340. HDFC AMC Ltd., Premises 105, 106 & 107, 1st Floor, Vipul Agora Building,

MG Road, Gurgaon - 122 002. Tel: (0124) 2560 450/ 51, Fax: (0124) 2560455. HDFC AMC Ltd., 1175 B Royal 1, 1st Floor, Adjoining Gurudawara,

G.T Road, Panipat - 132 103. Tel: (0180) 2646001/2, Fax: (0180) 3985403. HIMACHAL PRADESH: HDFC AMC Ltd, 2nd Floor, Opposite Town

Hall, 30, The Mall, Shimla – 171 001. Tel: (0177) 2816860. Fax: (0177) 2816861. JAMMU & KASHMIR : HDFC AMC Ltd., Hall No-102 A/2, South

Block, Bahu Plaza, Gandhi Nagar, Jammu - 180 012. Tel: (0191) 2477911/13 / (0191) 2474298/99. **2nd Floor, Aksa Mall,IG Road, Opposite Exhibition

Ground, Srinagar – 190001. ** This is not an Official Point of Acceptance (OPA) of transactions for the Schemes of HDFC Mutual Fund. JHARKHAND

: Office Unit No. 105 & 106, 1st Floor,Ozone Plaza, Bankmore, Dhanbad Jharia Road, Dhanbad - 826 001. Tel: (0326) 3205352, 2300552, Fax:

(0326) 2301756. HDFC AMC Ltd., Gayatri Enclave, 2nd Floor, “K Road”, Bistupur, Jamshedpur - 831 001. Tel: (0657) 2249691, Telefax: (0657)

2249730. HDFC AMC Ltd., Pradhan Towers, 1st Floor, 5, Main Road, Ranchi- 834 001. Tel: (0651) 6003358, 3242077. Fax: (0651) 3988029.

KARNATAKA : HDFC AMC Ltd., Nitesh Broadway, No. 9/3, 1-A, Ground Floor, M. G. Road, Opposite Trinity Metro Station, Bangalore – 560001.

Tel: 080-66205300, Fax: (080)-41125255. No. 80/1, Ground Floor, Sriranga Nilaya, West Park Road, 18th Cross Road, Malleswaram, Bangalore -

560 003. Tel: (080) 23465601. HDFC AMC Ltd., Garla Garnet No. 119/A/36, 9th Main, 4th Block, Jayanagar, Bangalore – 560011. Tel: (080)

41460260, Fax: (080) 41460263. HDFC AMC Ltd., No 3, First Floor, A.V.S Compound,80 Feet Road, Koramangala, Bangalore - 560034. Tel: (080)

40927295, Fax: (080) 40927416. HDFC AMC Ltd., First Floor, Unique Tower, S.No.28/6, CTS No. 2714, Khanapur Road, Angol Cross, Beside Big Bazaar,

Belgaum - 590006. Karnataka. Tel No: 0831-4206915/16 & 0831 4207002/03 Fax No: 0831-4206918. HDFC AMC Ltd, Office No. 39 (Old No

- 41), Ground Floor, Behind Maremma Temple, Opposite HDFC Bank, Kappagal Road, Bellary – 583103 Ph: 08392-256577 Fax: 08392-256575.


HDFC AMC Ltd., 190/3, 1st Floor, S.V.C. Plaza, Opposite Mothi Talkies, Gandhi Circle, Davangere - 577 002. Tel: (08192) 250 240 / 241 / 242,

Fax: (08192) 250243. HDFC AMC Ltd., VA Kalburgi Square, Ground Floor, Desai Cross, Hubli - 580 029. Tel: 0836 - 4252 294 / 95. Fax: 0836 -

4252 290. HDFC AMC Ltd., UG-II, 6 & 7, Upper Ground Floor, Maximus Commercial Complex, Light House Hill Road, Opp. KMC, Mangalore - 575

001. Tel. 0824 – 6620667/668, Fax: 0824 –6620666. HDFC AMC Ltd., No. 2918, CH 51 / 1 B, 1st Floor, Patel Mansion, Kantharaj Urs Road,

Saraswathipuram, Mysore - 570 009. Tel: (0821) 4000 530, Fax: (0821) 4000 535. KERALA : HDFC AMC Ltd., 3rd Floor, City Mall, Opposite YMCA,

Kannur Road, Calicut - 673 001. Tel: (0495) 4099222, Fax: (0495) - 3982330. HDFC AMC Ltd., Ground Floor, Cinema cum Commercial Complex,

Behind Ravipuram Bus Stop, M. G. Road, Kochi - 682 016. Tel: (0484) 4305552/ 5553, Fax: 0484 - 2358462. HDFC AMC Ltd., 14/868, Ground

Floor, Sri Krishna Complex, Coimbatore Road, Palghat - 678 001. Tel: (0491) 2548300/302, 6452188, Fax: (0491) 2548303. HDFC AMC Ltd., 2nd

Floor, E-Town Shopping, College Road, East Fort, Thrissur - 680 005. Tel: (0487) 2422925. Telefax: (0487) 2441976. 1st Floor, Suburban

Square,Opposite Sugar N Spice, Kanjikuzhy, Kottayam - 686004. Tel: (0481) 2585456/57. Fax: (0481) 3018397. HDFC AMC Ltd., Ground Floor,

Bhadra Tower, Cotton Hill Road, Vazhuthacaud, Thycaud P.O., Trivandrum – 695 014. Tel: (0471) 3983 730 / 731 / 732 Fax: (0471) 3983738.

MADHYA PRADESH : HDFC AMC Ltd., 1st Floor, Ranjeet Tower, 8, Zone-II, M. P. Nagar, Bhopal - 462 011. Tel: 0755 - 4285385, 4246995, Fax:

0755 - 4058890. HDFC AMC Ltd., M1, M2 & M3, Mezzanine Floor, Sterling Arcade,15 / 3, Race Course Road, Indore - 452 001. Tel: 0731 - 4022241

/ 42. Fax: 0731 - 4245436. HDFC AMC Ltd., First Floor, Muthye Udyog Bhawan,1039, Wright Town, Opp. Telephone Exchange, Jabalpur - 482 002.

Tel: (0761) - 4049800, 3988029 Fax: (0761) - 4068814 HDFC AMC Ltd., First Floor, Alakhnanda Towers, Shrimant Madhav Rao Scindia Marg, City

Centre, Gwalior - 474 001. Tel: (0751) - 4066060, 3988029 Fax: (0751) – 3982803. MAHARASHTRA: HDFC AMC Ltd., Near Samarth Cyber

Cafe, 3419-Khist Galli, Ahmednagar - 414 001. Tel: (0241) 2345800, Fax: (0241) 2345801. HDFC AMC Ltd., Ground Floor, Kuber Towers,Ganesh

Wadi, Station Road, Sawastik Chowkh,Ahmednagar - 414 001. Maharashtra.Tel. No. - 0241-2345800, 90491 05333 HDFC AMC Ltd., 1st Floor,

Amar Arcade - 2, Opp. Rajapeth Police Station, Raja Peth, Amravati - 444 601. Tel: (0721) 2562 112 / 113 Fax: (0721) 2564115. HDFC AMC Ltd.,

2nd Floor, Renuka Commercial Complex, Samarth Nagar, Nirala Bazar, Nageshwar Wadi Road, Aurangabad - 431 001. Tel: (0240) 3988029, Fax:

(0240) 3982068. HDFC AMC Ltd., 1st Floor, Rathi Building, Opp. Renuka Decorators, Lane No - 6, Dhule - 424001. Tel: 02562 232900. HDFC AMC

Ltd., 138, Ground Floor, Kavya Ratnavali Chowk, Omkareshwar Road, Jalgaon – 425 002. Tel: (0257) 3982100/ 01. Fax: (0257) 3982114. HDFC

AMC Ltd., Royal Prestige, C1/C9, 1st Floor, E - Ward, Sykes Extension, Rajarampuri Road, Kolhapur - 416 008. Tel: (0231) - 3988029, Fax: (0231)

- 3982060. HDFC AMC Ltd., Premises Nos. F1, 2, 3 & 4, 1st Floor, “Center Square”, S.V. Road, Andheri (W), Mumbai - 400 058. Tel: (022) 26708239/

26285389. Fax: (022) 26241131. HDFC AMC Ltd. Shop No. 5 - 6, 1st Floor, Mayfair 14, Ramdas Sutrale Marg, Off Chandravarkar Road, Borivali (W),

Mumbai - 400 092 Tel: (022) 28952702/ 28901497, Fax: (022) 28949392. HDFC AMC Ltd., 2nd Floor Sai Kiran, Central Avenue, 11th Road Junction,

Chembur, Mumbai - 400071, Maharashtra. Tel. no.: (022) 2527 0144, 2527 0145, 2527 0146, Fax No.: (022) 2527 0147. HDFC AMC Ltd.,* “HDFC

House”, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. Tel: (022) 66316333, Fax: (022) 66580200.

HDFC AMC Ltd., Ground Floor, Mafatlal House, H.T Parekh Marg, Backbay Reclamation, Churchgate, Mumbai - 400020. Maharashtra.Tel:022-

66146300/66146319/66146398/66146349. Fax: 022-66146385. HDFC AMC Ltd., Shop No. 4 & 5, Ground Floor, L. J. Road, Mangesh Sadan, Next to

Hotel Aaswad, Near Shivsena Bhawan, Dadar West, Mumbai - 400 028. Tel: (022) 24440537/ 24440539/ 24440538. HDFC AMC Ltd., 119, First

Floor, Zest Business Space, M.G Road, Ghatkopar East, Mumbai - 400 077. Tel: (022) 65253409/08/06/21, Fax: (022) 25116805. HDFC AMC Ltd.,

Limited# 201, Durga Centre, 2nd Floor, Water Field Road, Bandra (West), Mumbai – 400 050. Tel: (022) 26434 760 / 762 / 763 / 764, Fax: (022)

26434768. HDFC AMC Ltd., 159, 1st floor, Galleria Shopping Mall, Hiranandani Garden, Powai, Mumbai – 400 076. Tel: (022) 25708471 HDFC

AMC Ltd., Shop No. 2, Ground Floor, Sunvision Avenue, Opp SBBJ and LIC, S.V. Road, Malad - West, Mumbai - 400 064. Tel: No. (022) 28838083.

Fax No. (022) 28838084 HDFC AMC Ltd., Shop No. 13 & 14, Ground Floor, Virar Bolinj Shakti, Agasi Road, Virar - West, Thane - 401 303. Tel No.

7738182645/7738182531. HDFC AMC Ltd., Shop no. 1 & 2, Ground floor, Gurangi Chambers, Opp. Damani Chambers, Near Teen Haath Naka, LBS

Marg, Thane (West) - 400 602. Tel: (022) 25391125, Fax: (022)67124177. HDFC AMC Ltd., 106-110, 2nd Floor, Shriram Shyam Towers, Near

NIT Building, Kingsway, Sadar, Nagpur - 440 001. Tel: (0712) 6630301/02/04, Fax: (0712) 6630206. HDFC AMC Ltd., G- 1 & G-2, “Suyojit Heights”,

Opp. Rajiv Gandhi Bhavan, Sharanpur Road, Nashik - 422 002. Tel: (0253) 6611831 / 32. Fax: (0253) 6611836. HDFC AMC Ltd., Shop no.127,

Bahirwade Chambers, Opp. Hotel Hilton (erstwhile Panchsil), Telco road, Chinchwad, Pune-411019. Tel: 020-27477772/3, Fax: 020-27477774. HDFC

AMC Ltd., Shop No 2&3, East Street Galleria, 2421, East Street, Camp, Pune - 411 001. Tel.: (020) 41223301/02, Fax: (020) 41223310. Shop

no.3 & 4, Ideal Chambers, Ground Floor, Paud Road, Kothrud, Pune - 411038, Maharashtra. Tel: (020) 2542 3627/28, Fax: (020) 2542 3629. HDFC

AMC Ltd., Ground Floor, City Mall, University Circle, Ganeshkhind Road, Pune - 411 007. Tel: (020) 66073301, Fax: (020) 66073310. HDFC AMC

Ltd., Shop No. 3 & 4, Ground Floor,Aditya Sai Landmark, Civil Hospital Road, Near Ram Mandir, Sangli - 416416. Tel No - +91- 233-2320811 /

+91- 233-2325811, Fax No - +91- 233-2320811.. HDFC AMC Ltd., Office No.13, Shanti Center Premises, Plot No. 8, Sector 17, Vashi, Navi Mumbai

- 400 703. Tel: (022) 39880299; Fax: (022) 39855612. HDFC AMC Ltd., Office No. 6, First Floor, Neel Empress, Plot No. 92 & 93, Above HDFC Bank,

Sector 1/S, New Panvel East, Panvel, Navi Mumbai - 410206. Maharashtra. Tel No.: (+91) 90290 12615 / 90290 12617 HDFC AMC Ltd., 1st Floor,

Anant Kuti (Bibikar Bldg.), Manpada Road, Opp. Muncipal Corporation Bldg., Dombivli (East), Mumbai - 421 201. Tel: (0251) 2860 648 / 649 /

645 / 656, Fax: (0251) 2863953. HDFC AMC Ltd., Ground Floor, Rajgir Complex, 96A, Railway Lines, Opposite St. Joseph High School, Solapur -

413 001. MEGHALAYA: HDFC AMC Ltd., 2nd Floor, Sagarmal Ramkamal (Sai Mandir) Building, Thana Road, Police Bazar, Shillong - 793001.

Meghalaya. Tel. No. (0364) 2506242, 2502165, 2506241 Fax No. (0364) 2506240 ORISSA : HDFC AMC Ltd., Sri Jagannath Complex, 1st Floor, Opposite

Hari - Omm Bhawan, Barbil - 758 035. Tel: 09238106515 / 09238106525, Fax: (06767) 275565. HDFC AMC Ltd., Vinayak, 2nd Floor, 96, Janpath,

Bhubaneswar - 751 001. Tel: (0674) 6450502/1502, Fax: 0674 - 2531483. HDFC AMC Ltd., 1st Floor, Plot No. 2690 (P), Bajrakabati Road, Ranihat,

Cuttack – 753 001. Tel: (0671) 2323724/ 725, Fax: (0671) 2324741. HDFC AMC Ltd., Praful Tower, 1st Floor, Panposh Road, Rourkela - 769

004. Tel: (0661) 3988029, 3982060/70, Fax: (0661) 3982068. HDFC AMC Ltd., Kadambari Complex, 1st Floor, Unit - 4, Nayapara, Golbazar, Sambalpur

- 768 001. Tel: (0663) 2400 323 / 339, Fax: (0663) 2400324. PONDICHERRY: HDFC AMC Ltd., No.17, I Floor, Sree Velayudham Complex, Near


CENTRES / OFFICIAL POINTS OF ACCEPTANCE FOR HDFC MUTUAL FUND (CONTD...)




CENTRES / OFFICIAL POINTS OF ACCEPTANCE FOR HDFC MUTUAL FUND (CONTD...)


Indhira Gandhi Square, Natesan Nagar, Pondicherry - 605 005. Tel: (0413) 4001300, Fax: (0413) 2206776. PUNJAB : HDFC AMC Ltd., SCO-

28, 1st Floor, Taneja Towers, District Shopping Complex, Ranjit Avenue, Amritsar-143 001. Tel: (0183) 3988028 /29/ 2570, Fax: (0183) 3982599.

HDFC AMC Ltd Municipal No. 83 - B, 3A, Ground Floor, Corner Building, Liberty Chowk, Bhatinda - 151 001. Tel.: (0164) 5001982 / 83, 5011980

Fax: (0164) 5011981. HDFC AMC Ltd., 1st Floor, SCO- 2909- 2910, Sector - 22-C, Opp. Hotel J W Marriot, Chandigarh - 160 022. Tel: (0172)

5050888, Fax: (0172) 2771219. HDFC AMC Ltd., Office No. 31, 1st Floor, City Square Building, Civil Lines, GT Road, Jalandhar - 144001. Tel: (0181)

5004028. Fax: (0181) 5004029. HDFC AMC Ltd., SCO 122, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: (0161)4917000. Fax: (0161)4917001.

HDFC AMC Ltd. SCO No. 31 -32, Nanak Tower, Ground Floor,New Leela Bhawan Market,Patiala - 147001. Punjab.Tel No - 0175-5010082,Fax No

- 0175-5010081.. RAJASTHAN : HDFC AMC Ltd., 2nd Floor, Above ICICI Bank, India Heights Building, India Motor Circle, Ajmer - 305001. Tel:

(0145) 262066. Fax: (0145) 2420660. HDFC AMC Ltd., “Moondhra Bhavan”, 3-Ajmer Road, Jaipur - 302 001. Tel: (0141) 5116681/82 , 2374968,

Fax: (0141) 5111126. Plot No. 654 A/B, 1st Floor,Shree Pratap Tower, Jaljog Circle, Jodhpur - 342 003. Tel: (0291) 2617787/88/89, Fax: (0291)

5105919. HDFC AMC Ltd., 344, Mewara Plaza, Shopping Center, Gumanpura, Rawatbhata Road, Kota - 324 007. Tel: 0744-2363733 HDFC AMC

Ltd., 1st Floor, Gowardhan Plaza, 25, Trench Colony, Opposite Lok Kalamandal, Udaipur - 313 001. Tel: (0294) 3988029, Fax: (0294) 3982000.

TAMIL NADU : HDFC AMC Ltd., ITC Centre, 1st Floor, 760, Anna Salai, Chennai - 600 002. Tel: (044) 43979797 / 43979719, Fax: (044) 43979740.

HDFC AMC Ltd., 74, V Block, 5th Avenue, Near Ganga Sweets, Anna Nagar, Chennai - 600040. HDFC AMC Ltd., No : 9, “Aurum” Building first

floor, Kannusamy Road, R.S. Puram, Coimbatore – 641002. Tel: (0422) 4391861/62/63. Fax: (0422) 4391714. HDFC AMC Ltd., Shop No. 5, 2nd

Floor, Suriya Towers, 272 - 273 Goodshed Street, Madurai - 625 001. Tel: (0452) 4001300, Fax: (0452) 4001301. HDFC AMC Ltd., 1st Floor, No1

Bhimsena Garden Street, Royapettah High Road, Mylapore, Chennai – 600 004. Tel: (044) 40001300, Fax: (044) 40001313. HDFC AMC Ltd., 1st

floor, Ram Complex, No. 454/3, Meyanoor Main Road, Salem - 636 009. Tel: (0427) 4001300, Fax: (0427) 4001301. HDFC AMC Ltd., 1st floor,

No. 142/7, Sri Balaji Arcade, Opp. Alagar Jewellery, Trivandrum Road, Palayamkottai, Tirunelveli - 627 002. Tel.: (0462) 2576174, Fax: (0462)

2576173. HDFC AMC Ltd., No. 60, Sri Krishna Arcade, First Floor, Tennur High Road, Tennur, Trichy - 620 017. Tel: (0431) 4003700, Fax: (0431)

4003700. HDFC AMC Ltd., Premises No.73, 1st Floor Door No. 73/19,Thiyagarjapuram Officer’s Line Officer’s Line, Vellore - 632 001. Tel: (0416)

2214670/2. Fax: (0416) 2214671. TELANGANA: HDFC AMC Ltd6-3-885/7, IInd Floor, Saphire Square, Somajiguda, Hyderabad - 500 282. Tel.:

(040) 23417401 / 02 / 03 / 04 / 05, Fax: (040) 23417407. HDFC AMC Ltd., Gem Square, 1-88/2, 1st Floor, Hi-tech City Main Road, Above HDFC Bank

Madhapur, After Indian Oil Petrol Pump, Near Krissh Saphire, Madhapur, Hyderabad - 500081. HDFC AMC Ltd., 2-5-83/84, 1st Floor, Mitralaxmi

Narayana Arcade, Nakkala Gutta, Hanmakonda, Warangal - 506 002. Tel: (0870) 2566 005 / 006/ 007 / 008/ 009, Fax: (0870) 2566010.

UTTARAKHAND : HDFC AMC Ltd., 74 (New No 250/466), Rajpur Road, 1st Floor, Shri Ram Arcade, Dehradun - 248 001. Tel: (0135)2741424

/425, Fax: (0135) 2741424 /425. HDFC AMC Ltd., Plot No. 1, 1st Floor, Durga City Centre, Bhotia Parao, Nainital Road, Haldwani - 263 139. Tel:

(05946) 285286 Fax: (05946) 285290.HDFC AMC Ltd., 1st Floor, Kumar Complex, Chandracharya Chowk, Haridwar - 249407. Tel: (01334) 222406/

7 Fax: (01334) 222410. UTTAR PRADESH : HDFC AMC Ltd., 1-C, First Floor, Block no 10/8, Padamdeep Building, Sanjay Place, Agra - 282002.

Tel: (0562) 3984761-73, Fax: (0562) 3984777. HDFC AMC Ltd., 3/260-A, Arena Complex, Laxmibai Marg, Marris Road, Aligarh - 202 001. Tel: (0571)

2740 770 / 771 / 772 , Fax: (0571) 2740772. HDFC AMC Ltd. Premises No. 60/34/1 & 60/34/2, 1st Floor, JMD Kripa Building, Above HDFC Bank Ltd.,

S P Marg, Allahabad - 211001. Tel: (0532) 2260184/87; Fax: (0532) 2561035. HDFC AMC Ltd., 146 Civil Lines, 1st Floor, Gupta Complex, Near

Circuit House Chouraha, Bareilly - 243 001. Tel: (0581) 2510 749 / 759, Fax: (0581) 2510709. HDFC AMC Ltd., D-2, 1st Floor, Raj Nagar District

Centre, Raj Nagar, Gaziabad - 201 010. Tel: (0120) 301 0635 Fax: (0120) 3010636. HDFC AMC Ltd., 4th Floor, A.D. Tower Compound, Bank Road,

Gorakhpur -273 001. Tel. No: (0551) 6060011/2/3. HDFC AMC Ltd., Office Space No. 1228, 1229, 1230, Ground Floor, Madhur Plaza Jhokanbagh,

Civil Lines, Jhansi - 284 001. Tel: (0510) 2371308/09, Fax: (0510) 2371309. HDFC AMC Ltd., 101 & 201, Sai Arcade, 16/34 Bhargava Estate, Civil

Lines, Kanpur - 208 001. Tel: (0512) 3935592/93/94, Fax: (0512) 3935596. HDFC AMC Ltd., 1st Floor, Narain Ford Building, 4 Shah Najaf Road,

Hazratganj, Lucknow - 226 001. Tel: (0522) 4155500/ 01, Fax: (0522) 4155555. HDFC AMC Ltd., 143/145/1, Ganpati Plaza, Ground Floor, Magal

Pandey Nagar, Meerut - 250 005. Tel: (0121) 2602 380 / 2601 965, Fax: (0121) 2602380. HDFC AMC Ltd, First Floor, ‘Ravi Plaza’, Opp. LIC Office,Pili

Kothi Chauraha, Moradabad - 244 001.Tel: (0591) 2486043 / 2483313,Fax: (0591) 2483313. HDFC AMC Ltd., K-24/25, First Floor, Pearl Plaza

Building, Sector-18, Noida-204 301. Tel: (0120) 432 5757/ 5959. Fax: (0120) 423 4349. 1st Floor, Himalaya Tower, Delhi Road, Saharanpur - 247

001. Tel: (0132) 2971473 Fax: (0132) 2971473. HDFC AMC Ltd., Premises No. D-64/127, 1st Floor, Arihant Complex, Sigra, Varanasi - 221010.

Uttar Pradesh.Tel: 0524-2225530 / 2225531 / 2225532. WEST BENGAL : HDFC AMC Ltd., 2nd Floor, Chatterjee Plaza, 69/101, GT Road,

Rambandhutala, Asansol - 713 303. Tel: (0341) 2221220, Fax: (0341) 2221219. HDFC AMC Ltd., Arihant Enclave, GT Road, Muchipara, Burdwan

- 713103, West Bengal. Tel No - 0342-2646394/397/398 Fax No - 0342 - 2646398 HDFC AMC Ltd., City Plaza, City Centre, 1st Floor, Durgapur

- 713 216. Tel: (0343) 3982150, Fax: (0343) 3982153. HDFC AMC Ltd., Krishna Enclave, 2nd Floor, 2/1, Bhajanlal Lohia Lane, Opposite Howrah A.C.

Market, Howrah - 711 101, Phone: (033) 33546150/163, Fax: (033) 33546157. HDFC AMC Ltd., Menaka Estate, 1st Floor, 3 Red Cross Place,

Kolkata - 700 001. Tel: (033) 22312875, 22312876, Fax: (033) 22439582. HDFC AMC Ltd., G2, Thapar House 163, Shyama Prasad Mukherjee

Rd, Mudiali, Kolkata - 700026. Tel: 06292159241. HDFC Asset Management Company Limited, CF 352 , Sector 1, Salt Lake City, Kolkata - 700

064. Tel. (033) 23212214 Fax (033) 23212213 B 7/ 33 (S), HDFC Asset Management Company Limited, Ground Floor, Central Park,Below Canara

Bank, Kalyani - 741 235. West Bengal. Tel No - 033-33541154, Fax No - 033-33541147 HDFC Asset Management Company Limited, Hinterland

Complex - 2, 6/A Roy Ghat Lane, Serampore - 712201. Tel. (033) 26520043 Fax. (033) 2652 0149 Gitanjali Complex, 2nd Floor, Above Corporation

Bank, Sevoke Road, Siliguri - 734 001. Tel: (0353) 6453474. Fax: (0353) 2545270. HDFC Asset Management Company Limited, Atwal Real Estate

Pvt. Ltd., MS Tower II, OT Road, Kharagpur, Paschim Medinipur, West Bengal - 721305. Tel. No. 7477785648 / 5649

*This is not an Investor Service Centre for HDFC Mutual Fund. However, this is an official point of acceptance for acceptance of all on-going transactions

from Institutional Investors only, i.e. broadly covering all entities other than resident / non resident individuals. Institutional Investors are free to lodge

their applications at any other official points of acceptance also.


CAMS - OFFICIAL POINTS OF ACCEPTANCE OF TRANSACTIONS

(During NFO Period)

A. List of Investor Service Centres (ISCs) of Computer Age Management Services Ltd. (CAMS), Registrar & Transfer Agents

of HDFC Mutual Fund. These ISCs will be in addition to the existing points of acceptance at the offices of HDFC Asset

Management Company Ltd. (Investor Service Centres for HDFC Mutual Fund). These ISCs of CAMS will be the official points

of acceptance of transactions for schemes of HDFC Mutual Fund except HDFC Arbitrage Fund.

ANDHRA PRADESH : Portion 3, First Floor, No: 3-16, Behind NRI Hospital, NCS Road, Srinivasa Nagar, Vijaynagaram - 535003. Door No 48-

3-2, Flat No. 2, 1st Floor, Sidhi Plaza, Near Visakha Library, Srinagar, Visakhapatnam - 530 016. ASSAM: Dhawal Complex,Ground Floor, Durgabari,

Rangagora Road, Near Dena Bank, Tinsukia - 786 125. BIHAR: G-3, Ground Floor, Om Vihar Complex, SP Verma Road, Patna - 800 001.

69, Gandhi Chowk (Ground Floor), K.P Road, Gaya - 823 001. GOA: Office No. 103, 1st Floor, Unitech City Centre, M.G. Road, Panaji - 403

001. GUJARAT: 111- 113, 1st Floor - Devpath, Building, Off C G Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad – 380 006. Office 207

- 210, Everest Building, Opp. Shastri Maidan, Limda Chowk, Rajkot - 360 001. Shop No - G-5, International Commerce Center, Nr. Kadiwala School,

Majura Gate, Ring Road, Surat - 395 002. 103, Aries Complex, BPC Road, Off R.C. Dutt Road, Alkapuri, Vadodara - 390 007. HIMACHAL

PRADESH: 328/12, Ram Nagar, 1st Floor, Above Ram Traders, Mandi - 175 001. JHARKAND : Millennium Tower, Room No:15, First Floor, R-

Road, Bistupur, Jamshedpur - 831 001. KARNATAKA : Trade Centre, 1st Floor, 45, Dikensen Road (Next to Manipal Centre), Bangalore - 560

042. G 4 & 5, Inland Monarch, Opp. Karnataka Bank, Kadri Main Road, Kadri, Mangalore - 575 003. KERALA: Building Name: Modayil, Door

No.: 39/2638 DJ, 2nd Floor, 2A, M. G. Road, Cochin - 682 016. Kerala. MAHARASHTRA : Ground Floor, Rajabahadur Compound, Opp. Allahabad

Bank, Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort, Mumbai - 400 023. Platinum Mall, Office No. 307, 3rd Floor, Jawahar Road, Ghatkopar

East, Mumbai - 400 077. 145 Lendra Park, New Ramdaspeth, Behind IndusInd Bank, Nagpur - 440 010. Vartak Pride, 1st Floor, Survay No

46, City Survay No 1477, Hingne Budruk D. P Road, Behind Dinanath Mangeshkar Hospital, Karvenagar, Pune - 411052. MADHYA PRADESH:

Plot No. 10, 2nd Floor, Alankar Complex, Near ICICI Bank, M. P. Nagar, Zone II, Bhopal - 462 011. 101, Shalimar Corporate Centre, 8-B, South

Tukoganj, Opp. Green Park, Indore - 452 001. NEW DELHI: 7-E, 4th Floor, Deen Dayaal Research Institute Building, Swami Ram Tirath Nagar,

Near Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Ground floor, Unit no. 5/6/8, Pearls Best Heights I, Plot no. A-5, Nr. Max

Hospital, Netaji Subhash Place, Pitampura North Delhi. New Delhi - 110 034. Aggarwal Cyber Plaza-II, Commercial Unit No. 371, 3rd Floor, Plot

No. C-7, Netaji Subhash Place, Pitampura, New Delhi - 110034. ORISSA : Plot No. - 111, Varaha Complex Building, 3rd Floor, Station Square,

Kharvel Nagar, Unit 3, Bhubaneswar - 751 001. PUNJAB : Deepak Towers, SCO 154-155, 1st Floor, Sector 17-C, Chandigarh -160 017.

U/GF, Prince Market, Green Field, Near Traffic Lights, Sarabha Nagar Pulli, Pakhowal Road, Ludhiana - 141 002. RAJASTHAN: G-III, Park Saroj,

R-7, Yudhisthir Marg, C-Scheme, Behind Ashok Nagar Police Station, Jaipur - 302 001. 1/5, Nirmal Tower, 1st Chopasani Road, Jodhpur – 342

003. SIKKIM: Hotel Heritage Sikkim, Ground Floor, Diesel Power House Road (D.P.H. Road), Near Janta Bhawan, Gangtok - 737 101. TAMIL

NADU : No 1334, Thadagam Road,Thirumoorthy Layout, R.S.Puram,Behind Venkteswara Bakery, Coimbatore - 641002. 178/10, Kodambakkam

High Road, Opp. Hotel Palm Grove, Nungambakkam, Chennai - 600 034. TELANGANA: 208, 2nd Floor, Jade Arcade, Paradise Circle,

Secunderabad - 500 003. UTTAR PRADESH: 106 -107 - 108, 1st Floor, IInd Phase, City Centre, 63/2, The Mall, Kanpur - 208 001. Off#

4, 1st Floor, Centre Court Building, 3/c, 5-Park Road, Hazratganj, Lucknow - 226 001. B-11, LGF RDC, Rajnagar, Ghaziabad - 201 002.

UTTARAKHAND: Dev Bazar, Bazpur Road, Kashipur - 244713. WEST BENGAL : Kankaria Centre, 2/1, Russell Street,2nd Floor, Kolkata -

700 071.

B . List of Transaction Points of Computer Age Management Services Ltd. (CAMS), Registrar & Transfer Agents of HDFC Mutual

Fund. These Transaction Points will be in addition to the existing points of acceptance at the offices of HDFC Asset

Management Company Ltd. (Investor Service Centres for HDFC Mutual Fund) except HDFC Arbitrage Fund.

ANDHRA PRADESH : 15-570-33, I Floor, Pallavi Towers, Ananthapur - 515 001. D. No. 5-38-44, 5/1, Brodipet, Near Ravi Sankar Hotel, Guntur

- 522 002. Bandi Subbaramaiah Complex, Door No: 3/1718, Shop No: 8, Raja Reddy Street, Kadapa - 516 001. D No-25-4-29, 1st floor, Kommireddy

Vari Street, Beside Warf Road,Opp. Swathi Medicals, Kakinada- 533001. Shop Nos. 26 and 27, Door No. 39/265A and 39/265B, Second Floor,

Skanda Shopping Mall, Old Chad Talkies, Vaddageri, 39th Ward, Kurnool - 518 001. CAMS Service Centre, No. 15-31-2M-1/4,1st Floor, 14-A,

MIG, KPHB Colony, Kukatpally, Hyderabad - 500 072. 9/756, 1st Floor, Immadisetty Towers, Ranganayakulapet Road, Santhapet, Nellore - 524

001. Shop No. 9, First Floor, DO. No.: 17/1/55, G.V.S. Building, Kanyaka Parameswri Street, Bandlamitta, Ongole - 523001. Door No: 6-2-12, 1st

Floor,Rajeswari Nilayam, Near Vamsikrishna Hospital, Nyapathi Vari Street, T Nagar, Rajahmundry – 533 101. Shop No. 6, Door No. 19-10-8, (Opp.

to Passport Office), AIR Bypass Road, Tirupathi - 517 501. 40-1- 68, Rao & Ratnam Complex, Near Chennupati Petrol Pump, M. G. Road, Labbipet,

Vijayawada – 520 010. ASSAM : Piyali Phukan Road, K. C. Path, House No - 1, Rehabari, Guwahati - 781008. BIHAR : Krishna, 1st Floor,

Near Mahadev Cinema, Dr. R. P. Road, Bhagalpur - 812 002. Brahman Toil, Durga Asthan, Gola Road, Muzaffarpur - 842 001. CHHATTISGARH

: First Floor, Plot No. 3, Block No. 1, Priyadarshini Parisar West, Behind IDBI Bank, Nehru Nagar Square, Bhilai Dist. Durg - 490 020. Shop No. B

- 104, First Floor, Narayan Plaza, Link Road, Bilaspur - 495001. Shop No 6, Shriram Commercial Complex in front of Hotel Blue Diamond, Ground

Floor, T.P. Nagar, Korba - 495677. C-23, Sector 1, Devendra Nagar, Raipur - 492 004. DELHI : Flat no.512, Narian Manzil, 23, Barakhamba

Road, Connaught Place, New Delhi - 110 001. 306, 3rd Floor, DDA-2 Building, District Centre, Janakpuri, New Delhi - 110 058. GOA : F4-

Classic Heritage, Near Axis Bank, Opp. BPS Club,Pajifond, Margao, Goa - 403 601. GUJARAT : No. 101, A P Towers, B/H Sardar Gunj, Next to

Nathwani Chambers, Anand - 388 001. Shop No - F -56, 1st Floor, Omkar Complex, Opp. Old Colony, Near Valia Char Rasta, GIDC, Ankleshwar

- 393002. 305-306, Sterling Point, Waghawadi, Opp. HDFC Bank, Bhavnagar - 364 002. Office No. 4-5, First Floor, RTO Relocation Commercial

Complex - B, Opp. Fire Station, Near RTO Circle, Bhuj-Kutch - 370 001. A/177, Kailash Complex, Opp. Khedut Decor, Gondal - 360 311. 207,

Manek Centre, P N Marg, Jamnagar - 361 001. Aastha Plus’’, 202-A, 2nd Floor, Sardarbag Road, Near. Alkapuri, Opp. Zansi Rani Statue, Junagadh

- 362 001. 1st Floor, Subhadra Complex, Urban Bank Road, Mehsana - 384 002. 214-215, 2nd Floor,, Shivani Park, Opp. Shankheswar Complex,

Kaliawadi, Navsari - 396 445. Gita Nivas, 3rd Floor, Opp. Head Post Office, Halar Cross Lane, Valsad - 396 001. 208, 2nd Floor, Heena Arcade,

Opp. Tirupati Tower, Near G.I.D.C. Char Rasta, Vapi - 396 195. HARYANA : Opposite PEER, Bal Bhawan Road, Ground Floor, Ambala City -


CAMS - OFFICIAL POINTS OF ACCEPTANCE OF TRANSACTIONS (CONTD...)

(During NFO Period)

134 003. B-49, 1st Floor, Nehru Ground, Behind Anupam Sweet House, NIT, Faridabad - 121 001. SCO - 16, First Floor, Sector - 14, Gurgaon

- 122 001. 12, Opp. HDFC Bank, Red Square Market, Hisar - 125 001. 83, Devi Lal Shopping Complex, Opp ABN AMRO Bank, G. T. Road, Panipat

– 132 103. SCO - 34, Ground Floor, Ashoka Plaza, Delhi Road Rohtak, Haryana - 124 001. 124 - B / R, Model Town, Yamuna Nagar – 135

001. HIMACHAL PRADESH : 1st Floor, Opp. Panchayat Bhawan Main Gate, Bus Stand, Shimla – 171 001. JAMMU & KASHIMIR : JRDS

Heights, Lane Opp. S&S Computers, Near RBI Building, Sector 14, Nanak Nagar, Jammu - 180 004. JHARKHAND: Mazzanine Floor, F-4, City Centre

Sector 4, Bokaro Steel City, Bokaro - 827 004. S. S. M. Jalan Road, Ground Floor, Opp. Hotel Ashoke, Caster Town, Deoghar - 814 112. Urmila

Towers, Room No. 111, 1st Floor, Bank More, Dhanbad - 826 001. Municipal Market, Annanda Chowk, Hazaribagh - 825 301. 4, HB Road

No. 206, 2nd Floor, Shri Lok Complex, Ranchi - 834 001. KARNATAKA : Shop No. 2, 1st Floor, Shreyas Complex, Near Old Bus Stand, Bagalkot

– 587 101. Classic Complex, Block No 104, 1st Floor, Saraf Colony, Khanapur Road, Tilakwadi, Belgaum - 590 006. # 60/5, Mullangi Compound,

Gandhinagar Main Road, (Old Gopalswamy Road), Bellary - 583 101. #13, 1st Floor, Akkamahadevi Samaj Complex, Church Road, P J Extension,

Davangere - 577 002. No. 204 - 205, 1st Floor, ‘B’ Block, Kundagol Complex, Opp. Court, Club Road, Hubli - 580 029. No. 1, 1st Floor, CH.26,

7th Main, 5th Cross (Above Trishakthi Medicals) Saraswati Puram, Mysore – 570 009. No.65 1st Floor, Kishnappa, Compound 1st Cross, Hosmane

Extn, Shimoga - 577 201. KERALA: Doctor’s Tower Building, 1st Floor, Door No. 14/2562, North of Iorn Bridge, Near Hotel Arcadia Regency,

Alleppey - 688 001. Room No. 14/435, Casa Marina Shopping Centre, Talap, Kannur - 670 004. Uthram Chambers (Ground Floor),

Thamarakulam,Kollam - 691 006.. 1307 B, Puthenparambil Building, KSACS Road, Opp. ESIC Office, Behind Malayala Manorama, Muttambalam

P.O.,Kottayam - 686 501.. 29/97G, 2nd Floor, Gulf Air Building, Mavoor Road, Arayidathupalam, Kozhikode - 673 016. Kadakkadan Complex,

Opp. Central School, Malappuram - 670 504. Kerala. 10 / 688, Sreedevi Residency, Mettupalayam Street, Palakkad - 678 001. Room No.

26 & 27, Dee Pee Plaza, Kokkalai, Thrissur – 680 001. R. S. Complex, Opp. LIC Building, Pattom, P.O., Trivandrum – 695 004. 24/590-14,

C. V. P Parliament Square Building, Cross Junction, Thiruvalla - 689 101. MADHYA PRADESH : G-6, Global Apartment, Phase-II, Opposite Income

Tax Office, Kailash Vihar City Centre, Gwalior - 474 011. 8, Ground Floor, Datt Towers, Behind Commercial Automobiles, Napier Town, Jabalpur

- 482 001. MAHARASHTRA : Opp. RLT Science College, Civil Lines, Akola – 444 001. 81, Gulsham Tower, Near Panchsheel, Amaravati -

444 601. 2nd Floor, Block No. D-21-D-22, Motiwala Trade Center, Nirala Bazar, New Samarth Nagar, Opp. HDFC Bank, Aurangabad - 431001.

70, Navipeth, Opp. Old Bus Stand, Jalgaon – 425 001. Shop No. 6, Ground Floor, Anand Plaza Complex, Bharat Nagar, Shivaji Putla Road, Jalna

- 431 203. 2 B, 3rd Floor, Ayodhya Towers, Station Road, Kolhapur - 416 001. 1st Floor, “Shraddha Niketan”, Tilak Wadi, Opp. Hotel City Pride,

Sharanpur Road, Nasik - 422 002. Jiveshwar Krupa Bldg, Shop. No.2, Ground Floor, Tilak Chowk, Harbhat Road, Sangli - 416 416. 117 / A

/ 3 / 22, Shukrawar Peth, Sargam Apartment, Satara - 415 002. Dev Corpora, 1st Floor, Office No. 102, Cadbury Junction, Eastern Express way,

Thane (West) - 400 601. BSEL Tech Park, B-505, Plot No. 39/5 & 39/5A, Sector 30A, Opp. Vashi Railway Station, Vashi, Navi Mumbai 400705.

Maharashtra. MEGHALAYA : 3rd Floor, RPG Complex, Keating Road, Shillong – 793 001. ORISSA : B. C. Sen Road, Balasore - 756 001.

Kalika Temple Street, Ground Floor Beside SBI BAZAR Branch,Berhampur - 760 002. Near Indian Overseas Bank, Cantonment Road, Mala Math,

Cuttack - 753 001. J B S Market Complex, 2nd Floor, Udit Nagar, Rourkela – 769 012. Opp.Town High School, Sansarak, Sambalpur - 768

001. PONDICHERRY : S-8, 100, Jawaharlal Nehru Street, (New Complex, Opp. Indian Coffee House), Pondicherry – 605 001. PUNJAB : SCO

- 18J, ‘C’ Block Ranjit Avenue, Amritsar – 143 001. 2907 GH, GT Road, Near Zilla Parishad, Bhatinda - 151 001. 367/8, Central Town, Opp.

Gurudwara Diwan Asthan, Jalandhar – 144 001. 35, New Lal Bagh, Opp. Polo Ground, Patiala - 147 001. RAJASTHAN : AMC No. 423/

30, Near Church, Brahampuri, Opposite T B Hospital, Jaipur Road, Ajmer – 305 001. 256 - A, Scheme No. 1, Arya Nagar, Alwar - 301 001.

Indraparshta Tower, Shop Nos. 209 - 213, Second Floor, Shyam Ki Sabji Mandi, Near Mukharji Garden, Bhilwara - 311 001. Behind Rajasthan

Patrika, In front of Vijaya Bank, 1404, Amar Singh Pura, Bikaner - 334001. B-33 ‘Kalyan Bhawan’, Triangle Part, Vallabh Nagar, Kota – 324

007. 18 L Block, Sri Ganganagar - 335 001. 32, Ahinsapuri, Fatehpura Circle, Udaipur – 313 004. TAMILNADU: Ground Floor, 148, Old

Mahabalipuram Road, Okkiyam, Thuraipakkam, Chennai - 600 097. III Floor, B R Complex, No.66, Door No. 11A, Ramakrishna Iyer Street, Opp.

National Cinema Theatre, West Tambaram, Chennai - 600 045. Tamil Nadu. 171-E, Sheshaiyer Complex, First Floor, Agraharam Street, Erode

- 638 001. 126 GVP Towers, Kovai Road, Basement of Axis Bank, Karur - 639 002. Jailani Complex, 47, Mutt Street, Kumbakonam - 612

001. 1st Floor, 278, North Perumal Maistry Street (Nadar Lane), Madurai - 625 001. No. 2, 1st Floor, Vivekanand Street, New Fairland, Salem

- 636 016. No. F4, Magnem Suraksaa Apartments, Tiruvananthapuram Road, Tirunelveli - 627 002. No. 1 (1), Binny Compound, 2nd Street,

Kumaran Road, Tiruppur - 641 601. No. 8, 1st Floor, 8th Cross West Extn., Thillainagar, Trichy - 620 018. AKT Complex, 2nd Floor, No. 1, 3,

New Sankaranpalayam Road, Tolgate, Vellore - 632 001. Tamil Nadu. TELANGANA: H. No.7-1-257, Upstairs S.B.H, Mankammathota, Karimnagar

– 505 001. A.B.K. Mall, Near Old Bus Depot Road, F-7, 1st Floor, Ramnagar, Hanamkonda, Warangal - 506 001. TRIPURA : Krishnanagar, Advisor

Chowmuhani (Ground Floor), Agartala - 799 001. UTTAR PRADESH: No. 8, II Floor, Maruti Tower, Sanjay Place, Agra - 282 002. City Enclave,

Opp. Kumar Nursing Home, Ramghat Road, Aligarh - 202 001. 30/2, A&B, Civil Lines Station, Besides Vishal Mega Mart, Strachey Road, Allahabad

- 211 001. F-62-63, Second Floor, Butler Plaza, Civil Lines, Bareilly - 243 001. Shop No. 5 & 6, 3rd Floor, Cross Road The Mall, A D Tiraha, Bank

Road, Gorakhpur - 273 001. Opp. SBI Credit Branch, Babu Lal Karkhana Compound, Gwalior Road, Jhansi – 284 001. 1st Floor, Canara Bank

Building, Dhundhi Katra, Mirzapur – 231 001. H 21-22, Ist FloorRam Ganga Vihar Shopping Complex, Opposite Sale Tax Office, Moradabad

- 244 001. 108, Ist Floor, Shivam Plaza, Opposite Eves Cinema, Hapur Road, Meerut – 250 002. E-3, Ground Floor, Sector 3, Near Fresh Food

Factory, Noida - 201301. I Floor, Krishna Complex, Opp. Hathi Gate, Court Road, Saharanpur - 247 001. Office no 1, Second floor, Bhawani

Market, Building No. D-58/2-A1, Rathyatra, Beside Kuber Complex, Varanasi - 221 010. UTTARANCHAL : 204/121, Nari Shilp Mandir Marg,

Old Connaught Place, Dehradun - 248 001. WEST BENGAL : Block - G, 1st Floor, P C Chatterjee Market Complex, Rambandhu Talab, P. O.

Ushagram, Asansol - 713 303. 399, G T Road, Opposite of Talk of the Town, Burdwan - 713 101. Plot No 3601 Nazrul Sarani, City Centre,

Durgapur - 713 216. A - 1/50, Block - A, Kalyani - 741 235. “Silver Palace”,OT Road, Inda - Kharagpur,G.P - Barakola, P.S - Kharagpur Local,

Pin - 721 305. 47/5/1, Raja Rammohan Roy Sarani, P.O. Mallickpara, Dist. Hoogly, Seerampur - 712 203. 78, Haren Mukherjee Road, 1st Floor,

Beside SBI Hakimpara, Siliguri - 734001.



(During NFO Period)

C . List of Limited Transaction Points (LTPs) of Computer Age Management Services Pvt. Ltd. (CAMS), Registrar & Transfer Agents

of HDFC Mutual Fund. These LTPs of CAMS will be the official points of acceptance of transactions for schemes of HDFC

Mutual Fund except transactions of Liquid Schemes / Plans viz. HDFC Liquid Fund, HDFC Liquid Fund - Premium Plan, HDFC

Overnight Fund and HDFC Arbitrage Fund. These LTPs will accept transaction / service requests from Monday to Friday

between 12 p.m. and 3 p.m. only.

ANDAMAN AND NICOBAR ISLANDS: 1st Floor, Above Mahesh Graphics, Nandanam Complex, Beside Old CCS Building, Junglighat, Port Blair

- 744103. ANDHRA PRADESH : Door No 4-4-96, 1st Floor, Vijaya Ganapathi Temple Back Side, Nanubala Street, Srikakulam - 532 001. ASSAM:

Usha Complex, Ground Floor, Punjab Bank Building, Hospital Road, Silchar - 788005. Jail Road Dholasatra, Near Jonaki Shangha Vidyalaya Post

Office, Dholasatra, Jorhat - 785001. Kanak Tower - 1st Floor, Opp. IDBI Bank / ICICI Bank, C.K. Das Road, Tezpur Sonitpur - 784001. Utaplendu

Chakraborthy, Amulapathy, V.B.Road, House No.315, Nagaon - 782003. G.N.B.Road, Bye Lane, Prakash Cinema, Po & Dist. Bongaigaon - 783380.

Amba Complex, Ground Floor, H S Road, Dibrugarh - 786001. BIHAR : Old NCC Office, Ground Floor, Block Road, Arrah - 802 301. Ground

Floor, Belbhadrapur, Near Sahara Office, Laheriasarai Tower Chowk, Laheriasarai, Darbhanga - 846 001. R & C Palace, Amber Station Road,

Opp.: Mamta Complex, Bihar Sharif (Nalanda) - 803 101. GOA : Office No. CF-8, 1st Floor, Business Point, Above Bicholim Urban Co-op Bank

Ltd, Angod, Mapusa - 403 507. No. DU 8, Upper Ground Floor, Behind Techoclean Clinic, Suvidha Complex, Near ICICI Bank, Vasco da Gama

– 403 802 GUJARAT : B-1,1st Floor, Mira Arcade, Library Road, Opp. SBS Bank, Amreli - 365 601. F-10, First Wings, Desai Market, Gandhi

Road, Bardoli - 394601. A-111, First Floor, R K Casta, Behind Patel Super Market, Station Road, Bharuch - 392001. Office No. 4, Ground

Floor,Ratnakala Arcade, Plot No. 231, Ward - 12 B, Gandhidham - 370 201. 507, 5th Floor, Shree Ugati Corporate Park,Opp Pratik Mall, Near

HDFC Bank, Kudasan, Gandhinagar - 382421. D-78, First Floor, New Durga Bazar, Near Railway Crossing, Himmatnagar - 383 001. 1st Floor,

Prem Prakash Tower, B/H B N Chamber, Ankleshwar Mahadev Road, Godhra - 389 001. F 142, First Floor, Ghantakarana Complex, Gunj Bazar,

Nadiad - 387 001. Gopal Trade Center, Shop No. 13-14, 3rd Floor, Nr. BK Mercantile Bank, Opp. Old Gunj, Palanpur - 385001. 2 M I Park,

Near Commerce College, Wadhwan City, Surendranagar - 363 035. 10/11, Maruti Complex, Opp. B R Marbles, Highway Road, Unjha - 384

170. HARYANA : 7, IInd Floor, Kunjapura Road, Opp Bata Showroom, Karnal - 132 001. Bansal Cinema Market, Hissar Road, Besides Overbridge,

Next to Nissan car showroom, Sirsa -125 055. HIMACHAL PRADESH: 1st Floor, Above Sharma General Store, Near Sanki Rest house, The Mall,

Solan - 173 212. College Road, Kangra, Himachal Pradesh, Pin Code - 176001. JAMMU AND KASHMIR: Anil Nirmal & Associates, Near New

Era Public School, Rajbagh, Srinagar - 190 008. Seven Square Shopping Plaza, 2nd Floor, Near New Airport Road Crossing, Hyderpora Byepass,

Srinagar-190014. Guru Nanak institute, NH-1A, Udhampur - 182 101. KARNATAKA: Pal Complex, Ist Floor, Opp. City Bus Stop, Super Market,

Gulbarga - 585 101. ‘PANKAJA’ 2nd Floor, Near Hotel Palika,Race Course Road, Hassan - 573201. *Shop No A2, Basement Floor, Academy

Tower, Opp. Corporation Bank, Manipal - 576104. Padmasagar Complex, 1st floor, 2nd Gate, Ameer Talkies Road, Vijayapur (Bijapur) – 586101.

MADHYA PRADESH : Shop No. 01, Near Puja Lawn, Parasia Road, Chhindwara - 480 001. Tarani Colony, Near Pushp Tent House, Dewas

- 455 001. 1st’ Floor, Gurunanak Dharmakanta, Jabalpur Road, Bargawan, Katni – 483 501. 18, Ram Bagh, Near Scholar’s School, Ratlam

- 457 001. Opp. Somani Automoblies, Bhagwanganj, Sagar – 470 002. 123, 1st Floor, Siddhi Vinanyaka Trade Centre, Saheed Park, Ujjain

- 456 010. MAHARASHTRA: Office No 3, 1st Floor, Shree Parvati, Plot No. 1/175, Opp. Mauli Sabhagruh, Zopadi Canteen, Savedi, Ahmednagar

- 414 003. 3, Adelade Apartment, Christian Mohala, Behind Gulshan-E-Iran Hotel, Amardeep Talkies Road, Bhusawal - 425 201. Hakimi Manson,

Behind Bangalore Bakery, Kasturba Road, Chandrapur - 442 402. House No.3140, Opp. Liberty Furniture, Jamnalal Bajaj Road, Near Tower Garden,

Dhule - 424 001. 351, Icon, 501, 5th Floor, Western Express Highway, Andheri - East, Mumbai - 400 069. Hirji Heritage, 4th Floor, Office No.

402, Landmark: Above Tribhuwandas Bhimji Zaveri (TBZ), L.T. Road, Borivali - West, Mumbai - 400 092. Shop No. 8, 9 Cellar Raj Mohammed Complex”

Main Road, Shri Nagar, Nanded - 431605. Kohinoor Complex, Near Natya Theatre, Nachane Road, Ratnagiri - 415 639. Opp. Raman Cycle

Industries, Krishna Nagar, Wardha - 442 001. Pushpam, Tilakwadi, Opp. Dr. Shrotri Hospital, Yavatmal - 445 001. NAGALAND: MM Apartment,

House No.436 (Ground Floor), Dr. Hokeshe Sema Road, Near Bharat Petroleum, Opp.T.K.Complex, Dimapur (Nagaland) - 797 112. ORISSA:

Similipada, Near Sidhi Binayak +2 Science Collage, Angul - 759122. PUNJAB : Near Archies Gallery, Shimla Pahari Chowk, Hoshiarpur - 146

001. Gandhi Road, Opp. Union Bank of India, Moga - 142 001. 13 - A, 1st Floor, Gurjeet Market, Dhangu Road, Pathankot – 145001. Shop

No. 2, Model Town, Near Joshi Driving School, Phagwara - 144401. RAJASTHAN : 3 Ashok Nagar, Near Heera Vatika, Chittorgarh-312 001.

Pawan Travels Street, In Front of City Center Mall, Sikar - 332001. TAMIL NADU : Shop 7, AVC Arcade, 3, South Car Street, Chidambaram

- 608 001. Tamil Nadu. 16A/63A, Pidamaneri Road, Near Indoor Stadium, Dharmapuri - 636 701. 104/6, Pensioner Street, Opp. Gomath Towers,

Dindugal - 624 001. Survey No. 25/204, Attibele Road, HCF Post,Mathigiri, Above Time Kids School,Opposite to Kuttys Frozen Foods, Hosur -

635 110. 4th Floor, Kalluveettil Shyras Center, 47, Court Road, Nagercoil - 629 001. 156A / 1, First Floor, Lakshmi Vilas Building, Opp. to District

Registrar Office, Trichy Road, Namakkal - 637 001. D. No. 59A/1, Railway Feeder Road, (Near Railway Station), Rajapalayam - 626 117. 4B

/ A-16 Mangal Mall Complex, Ground Floor, Mani Nagar, Tuticorin - 628 003. TELANGANA: Shop No: 11 - 2 - 31/3, 1st Floor, Philips Complex,

Balajinagar, Wyra Road, Near Baburao Petrol Bunk, Khammam - 507 001. 6-4-80, 1st Floor, Above Allahabad Bank, Opp. to Police Auditorium,

VT Road, Nalgonda - 508 001. 5-6-208, Saraswathi Nagar, Opposite Dr. Bharathi Rani Nursing Home, Nizamabad - 503 001. UTTARAKHAND

: No 7, Kanya Gurukul Road, Krishna Nagar, Haridwar - 249 404. Durga City Centre, Nainital Road, Haldwani - 263 139. 22 Civil Lines, Ground

Floor, Hotel Krish Residency, Roorkee - 247 667. UTTAR PRADESH : Office No. 3, 1st Floor, Jamia Shopping Complex, Opposite Pandey School,

Station Road, Basti - 272 002. 1/13/196, A, Civil Lines, Behind Tirupati Hotel, Faizabad - 224 001. 53,1st Floor, Shastri Market, Sadar Bazar,

Firozabad – 283203. 248, Fort Road, Near Amber Hotel, Jaunpur - 222 001. 159 / 160, Vikas Bazar, Mathura - 281 001. 235, Patel Nagar,

Near Ramlila Ground, New Mandi, Muzaffarnagar - 251 001. Uttar Pradesh. Opposite Dutta Traders, Near Durga Mandir Balipur, Pratapgarh

- 230 001. 17, Anand Nagar Complex, Rae Bareli - 229 001. Mohd. Bijlipura, Old Distt Hospital, Jail Road, Shahjahanpur - 242 001. Arya

Nagar, Near Arya Kanya School, Sitapur - 261 001. 967, Civil Lines, Near Pant Stadium, Sultanpur - 228 001. WEST BENGAL : Ward No.5,

Basantapur More, PO Arambag, Hoogly, Arambagh - 712 601. Cinema Road, Nutanganj, Beside Mondal Bakery, PO & District Bankura, Bankura



(During NFO Period)

- 722 101. 107/1 A C Road, Ground Floor, Bohorompur, Murshidabad, West Bengal - 742103. N. N. Road, Power House Choupathi, Coochbehar

- 736 101. 2nd Floor, New Market Complex, Durgachak Post Office, Purba Medinipur District, Haldia - 721 602. Babu Para Beside Meenaar

Apartment, Ward No VIII, Kotwali Police Station, Jalpaiguri - 735 101. S.D.Tower, Sreeparna Apartment AA-101, Prafulla Kannan (West) Shop

No. 1M, Block - C (Ground Floor), Kestopur, Kolkata - 700 101. 2A, Ganesh Chandra Avenue, Room No.3A 4th Floor, Commerce House” Kolkata

- 700 013. Daxhinapan Abasan, Opp Lane of Hotel Kalinga, SM Pally, Malda - 732 101. R.N Tagore Road, In front of Kotawali P.S.Krishnanagar,

Nadia - 741101. Police Line, Ramakrishnapally, Near Suri Bus Stand, Suri - 731101.

* accepts transactions of Liquid Schemes / Plans viz. HDFC Liquid Fund and HDFC Overnight Fund.

OFFICIAL POINT OF ACCEPTANCE FOR TRANSACTIONS IN ELECTRONIC FORM

Eligible investors can undertake any transaction, including purchase / redemption / switch and avail of any services as may be provided by HDFC Asset

Management Company Limited (AMC) from time to time through the online/electronic modes (including fax / email) via various sources like its official

website - www.hdfcfund.com, mobile handsets, designated fax number(s) / email-id(s), etc. Additionally, this will also cover transactions submitted

in electronic mode by specified banks, financial institutions, distributors etc., on behalf of investors, with whom AMC has entered or may enter into

specific arrangements or directly by investors through secured internet sites operated by CAMS. The servers including fax/email servers (maintained

at various locations) of AMC and CAMS will be the official point of acceptance for all such online / electronic transaction facilities offered by the

AMC to eligible investors.

POINTS OF SERVICE ("POS") OF MF UTILITIES INDIA PRIVATE LIMITED ('MFUI') AS OFFICIAL

POINTS OF ACCEPTANCE (OPA) FOR TRANSACTIONS THROUGH MF UTILITY ("MFU")

Both financial and non-financial transactions pertaining to scheme(s) of HDFC Mutual Fund ('the Fund') can be done through MFU at the authorized

POS of MFUI. The details of POS published on MFU website at www.mfuindia.com will be considered as Official Point of Acceptance (OPA) for

transactions in the Scheme.

AMFI CERTIFIED STOCK EXCHANGE BROKERS/ CLEARING MEMBERS /DEPOSITORY PARTICIPANTS#

AS OFFICIAL POINTS OF ACCEPTANCE FOR TRANSACTIONS (PURCHASE/ REDEMPTION) OF

UNITS OF HDFC MUTUAL FUND SCHEMES THROUGH THE STOCK EXCHANGE(S) INFRASTRUCTURE

# For Processing only Redemption Request of Units Held in Demat Form.

The eligible AMFI certified stock exchange Brokers/ Clearing Members/ Depository Participants who have complied with the conditions stipulated in

SEBI Circular No. SEBI /IMD / CIR No.11/183204/2009 dated November 13, 2009 for stock brokers viz. AMFI/ NISM certification, code of conduct

prescribed by SEBI for Intermediaries of Mutual Fund will be considered as Official Points of Acceptance (OPA) of the Mutual Fund.

LIST OF SELF CERTIFIED SYNDICATE BANKS (SCSBS) TO ACCEPT ASBA APPLICATION FORMS(DURING NFO PERIOD)

Name of the Bank (SCSB)

Axis Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Barclays Plc., BNP Paribas, Canara Bank, Central Bank of India, CITI Bank, DBS Bank

Ltd., Dena Bank, Deutsche Bank AG, Dhanlaxmi Bank Limited, HDFC Bank Ltd., HSBC Ltd., ICICI Bank Ltd., IDBI Bank, Indian Overseas Bank Ltd., Indusind

Bank Ltd., J. P. Morgan Chase, Bank, N.A., Janata Sahakari Bank Ltd, Karnataka Bank, Karur Vasya Bank Ltd., Kotak Mahindra Bank Ltd., Mehsana

Urban Co-operative Bank Limited, Nutan Nagarik Sahakari Bank Ltd, Oriental Bank of Commerce, Punjab National Bank, Rajkot Nagarik Sahakari

Bank Ltd, South Indian Bank, Standard Chartered Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of India, State Bank

of Mysore, State Bank of Patiala, State Bank of Travancore, Syndicate Bank, Tamilnadu Mercantile Bank Ltd., The Ahmedabad Mercantile Co-Op.

Bank Ltd, The Kalupur Commercial Co-operative Bank Ltd., The Lakshmi Vilas Bank Ltd., The Saraswat Co-operative Bank Ltd., The Surat Peoples

Co-op Bank, Union Bank of India, United Bank of India, Vijaya Bank, Yes Bank Ltd., TJSB Sahakari Bank Ltd, RBL Bank Ltd, The Allahabad Bank, UCO

Bank

Investor may approach any of the above banks for submitting their ASBA Application forms during this NFO. The above list is subject to change from

time to time. For the updated list of Self Certified Syndicate Banks (SCSBs) and their Designated Branches (DBs) and their details, please refer to

the website of SEBI, BSE, NSE or HDFC Mutual Fund.


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HDFC ASSET MANAGEMENT COMPANY LIMITEDA Joint Venture with Standard Life Investments

Registered Office :

“HDFC House”, 2nd Floor, H.T. Parekh Marg, 165-166,Backbay Reclamation, Churchgate, Mumbai - 400 020.

Tel.: 022-66316333 l Toll Free no. 1800 3010 6767 l Fax : 022-22821144e-mail for Investors: [email protected]

e-mail for Distributors: [email protected]

website : www.hdfcfund.com

HDFC Banking ETF...copy of the current SAI, please contact your nearest Investor Service Centre or...

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